Niamey 28 February 2023 (ECA) - Addressing the climate crisis and achieving the goals of the historic Paris Agreement require transitioning to a just net-zero economy for which finance is a major lever.
It is against this backdrop that a high-level panel was organized at the ninth session of the Africa Regional Forum on Sustainable Development to explore how to mobilize finance for a just transition and achieve an inclusive recovery as the financing agenda for a just transition moved into a new phase with the announcement at COP27 by richer nations to pay for loss and damage to accelerate the pace towards inclusive growth as we build back better.
A lot has changed since the United Nations charted a reasonable and sustainable route for our people and planet in 2015 to achieve inclusive growth. The effects of climate change, COVID-19, and the war in Ukraine are remaking societies and worsening their economic outlook. In Africa, meeting the goals for Agenda 2030, Agenda 2063 and adapting and mitigating the effects of climate change and the fallouts of the pandemic require access to finance to deliver an inclusive recovery to a sustainable economy.
“Progress in Africa will determine global progress on the SDGs. Access to adequate financing is key in ensuring that communities in Mozambique, Niger, and the Sahel build resilience and adapt to climate change. Policies must be inclusive to achieve an inclusive recovery” said Diene Keita, Assistant Secretary-General, and Deputy Executive Director (Programme), United Nations Population Fund
The session made a series of recommendations to the governments and international organizations on how to mobilize public and private finance for sustainability reforms that deliver positive outcomes for Africans such as decent work poverty and eradication, and drive inclusive economies that prioritize women and girls.
The just transition and inclusive recovery plan must be integrated throughout every country’s climate plans and budget. This will ensure annual budgets and long-term financing plans that think through the priorities of climate needs and recovery plans. Another critical step is preparing financing strategies for adaptation that reflect countries’ National Adaptation Plan (NAP) or Nationally Determined Contribution (NDC) under the Paris Agreement.
“We must pay attention to adaptation financing, which did not get enough attention at COP27. We need to mobilize financing for this purpose moving forward as we meet at COP28 in UAE” said Nemera Gebeyehu, State Minister of Planning and Development, Ethiopia,
Alongside these efforts, private financial institutions have also started recognizing their responsibility to support the just transition and achieve an inclusive recovery. Even though the pace is slow, African governments can utilize the opportunity to raise funds to support the transition.
While a just transition provides significant economic and social benefits, achieving it will require tackling the challenges faced by communities and workers as they shift toward sustainable livelihoods, while also ensuring equitable access to the benefits of a zero-carbon and resilient economy
Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org
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