The African Development Bank Group (AfDB) has released country-by-country economic reports to support Nigeria and other African policymakers in accessing the much needed climate finance for a green economy.
The multilateral development finance institution made the disclosure in a report titled, “Mobilising Private Sector Finance for Climate and Green Growth in Africa”, launched ahead of the 28th United Nations Conference on Climate Change which takes place in Dubai, United Arab Emirates between November and December 2023.
The report, aimed at facilitating informed decision-making and practical policies for private sector investment in climate change and green growth,also offers a range of policy recommendations to enhance economic growth and resilience while addressing climate change as a significant challenge.
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Commenting on the report, Kevin Urama, chief economist and vice president of the AfDB, said it would help evoke “sound, practical and implementable policies” to enhance private sector financing for climate change and green growth.
“As countries prepare for COP28, the reports provide each African country with independent, verified analysis and recommendations for evidence-based negotiations during the global conversation on climate finance and green transitions,” Urama said.
The bank’s report challenged Nigeria, Africa’s biggest economy, to do more to fund the mining of minerals needed for the green transition, address gas flaring and find ways to fund solar mini-grids to improve rural access to electricity.
The report also advised African governments on several short, medium, and long-term policies to accelerate the continent’s economic growth and build resilience to shocks, while also providing governments and potential investors with data needed to inform policy and investment decisions.
With climate change identified as one of the most pressing existential threats to Africa’s inclusive growth and sustainable development, this year’s country reports explore opportunities to leverage private sector resources and natural capital to close the climate finance gap. This, in turn, will support the transition to inclusive, strong, and sustainable green growth.