COP28: ADB Launches Climate Reports.
In order to reinforce the active participation of African countries in COP28, the ADB launched the new Country Focused Reports (CFR), reports that provide analysis and policy recommendations.
On the eve of the 28th United Nations Climate Change Conference (COP 28), the African Development Bank Group has released country economic reports to guide African policymakers in their discussions during the global event.
The new Country Focused Reports (CFRs) provide analysis and policy recommendations to strengthen countries' active participation in COP28, which takes place in Dubai, United Arab Emirates, from November 30 to December 12. The theme of the reports is " Mobilizing private sector finance for climate and green growth in Africa ".
The reports promote policy dialogue on macroeconomic performance and prospects and provide insights into mobilizing private sector finance and natural capital to boost the continent's climate resilience and green growth policies.
Kevin Urama, Chief Economist and Vice-President of the African Development Bank Group, said the reports would contribute to the development of “sound, practical and achievable policies” to increase 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 debate on climate finance and ecological transitions,” said Urama.
The reports contain several short, medium and long-term policies to accelerate the economic growth of African countries and increase resilience to shocks. They provide governments and potential investors with up-to-date and accurate data 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.
African Development Bank Acting Director of National Economy Ferdinand Bakoup said the 2023 Country Focused Reports build on the 2023 African Economic Outlook report, which was released in May, and the subsequent Regional Economic Outlook document. , released in July.
The person responsible stated:
“Detailed analysis of country-level CFRs and policy recommendations will impact policy design and future projects and programs in African countries.”
Through these continental, regional and country-specific reports, the African Development Bank Group seeks to reduce information imbalances that result from generalizations about countries on a continent that is very diverse.
The document highlights how governments can strengthen macroeconomic performance and prospects and catalyze private sector and natural capital financing to support climate action and green growth initiatives in the country.
These include green bonds, climate change debt, green banks, blended finance, carbon markets and several other innovative financing instruments.
The 2023 African Economic Outlook (AEO) and the 2023 Regional Economic Outlook reports highlight the resilience of several African economies, despite a series of worsening shocks in recent years.
The COVID-19 pandemic, the persistent impact of climate change, global conflicts, financial market volatility and increased debt vulnerability, among others. Country analysis reports provide more specific information about each African country.
“Expanding private sector participation in green growth markets requires several policy interventions, including strengthening the capacity to develop long-term green growth strategies,” said Urama.
This includes developing appropriate regulations and incentives, supporting project preparation and development, and developing more robust capital markets to support the easy entry and exit of domestic and global investors, he added.
“It will require greater use of blended financing, the widespread use of a mechanism to reduce risk and the development of platforms that allow the private sector to invest in a portfolio of green projects, rather than individual projects, to diversify and manage risk”, concluded Urama .
Click here for more information and to download the reports for each country.
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(This article is authored by ADB, Mais Afrika, limited to publishing it)
Picture: © 2023 AfDB
