Climate change poses significant risks to the global community, with its physical effects causing substantial economic losses. Africa as a continent is disproportionately affected by the global temperature rise and is projected to experience escalating physical climate risks including: drought, desertification and increasing cyclones, which have resulted in displacement, migration and food crises in the region. These severe climate related challenges have made Africa more ready to contribute to global Decarbonization efforts by driving its own green growth and being open to supporting the global renewable energy needs.
We have come to the realization that as African Activists, how it’s crucial for us to shift away from the narratives that cause division between the global North and global South in addressing the Climate crisis. It is vital for the collaborative and collective action of all nations to combat climate change effectively.
Although Africa is showing a growing potential of political commitment , we are still lagging behind in many green growth dimensions. Africans need to perceive the abundance of resources enwrapped in their continent. We have the largest renewable energy potential( wind, solar, geothermal), critical minerals, agricultural potential, human capital base(majority of the population is young). Therefore, Africa’s assets and contribution can offer us with a range of investment opportunities for global Capital, to promote both decarbonization and local economic development.
The African recovery from climate change should look toward prioritizing social, economic and environmental recovery. Economic growth and sustainable development must be held at the heart of these objectives by all stakeholders. While our governments and multilateral institutions play a central role in the implementation of climate adaptation projects, the private sector, civil society, philanthropic institutions, and local communities also have an important contribution to make. The women and youth can ensure accountability, efficiency and science based focus on climate change. The local and indigenous communities could provide invaluable perspectives, ensuring sustainable and just development pathways which align with their needs. The philanthropists could do risk projects and drive innovation. But above all, the most crucial one is attracting private investment which is crucial in mobilizing the necessary capital for effective implementation of green growth strategies.
Africa has trillion-dollar opportunities for the private sector to unlock, and we Africans can use it to our advantage. It is projected that Africa will require about $1.3 trillion annually to meet its sustainable development needs by 2030 thus achieving green growth. This Africa Climate financing gap has to be met mainly by private finance. With a target in investing high volumes of finance in clean energy, transport systems,green buildings, social and green bonds. Another good investment, could be in food systems, where our focus goes on the farmers in developing countries who are struggling to produce enough food for growing populations due to Climate Change. We can intercept it through what we call the Triple win: farmers adapting to climate change, increasing crop yields , and mitigating green gas emissions. This ultimately can benefit agriculture, food security and the poor people.
Even with our great potential and self interest to achieve Climate adaptation, at Agape Earth Coalition we are aware of the hindrances to private finance in Africa like : weak regulatory structures , high perceived investment risks in African projects, and lack of bankable project systems in Africa .This should impel all African countries to the urgent need to reinforce our regulatory policies, institutional frameworks which are essential to turn Africa into a booming market for private investors or adaptation finance. As we approach the African Climate Week, which is a significant regional collaboration platform,we want to emphasize how African activists and leaders should identify a perfect and focused approach to attract adaptation finance and practical resilience programs in their home countries. We are convinced that the best way to go is by generating national adaptation policies and spotlighting on private investment to bring equitable and sustainable development for the African people. Our people are counting on us to act as their stewards, to represent them right, to demand right and to ensure they transition justly. It is OurPlanetOurClimateOurFight with Adaptation being the very focus.
