Green economy: Fulfil $100bn climate fund pledge; stakeholders beg US, others

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Stakeholders at Green Growth Africa have urged developed countries to renew their $100billion pledges for the Climate Fund agreed in COP21.

This, they said, is in addition to the financial pledges made to the Adaptation Fund in COP26, and the recent loss and damage fund agreed to at COP27.

Speaking at a virtual conference at the weekend in Abuja, the Executive Director Green Growth Africa, Dr Adedoyin Adeleke said the funds should be mobilised for multidimensional and multi-sectoral strategic interventions for green growth.

According to him, the African youth needs to acquire green skills and be supported to set up middle and larges scale green enterprises that advance social and economic advantage.

He said by funding capital-intensive adaptation projects, developed countries can productively, effectively, and efficiently partner with African nations in developing green growth solutions that not only benefit Africa but also significantly support the develop nations.

Despite contributing 3% of the global emissions of greenhouse gasses, Adeleke noted that Africa finds itself disproportionately vulnerable to the impacts of climate change.

“The continent faces escalating climate-related extreme weather disasters, including floods, extreme heat, erratic rainfall, and rising sea levels, causing untold human suffering and economic disruption,” he said.

While proferring solutions to the compounded climate crises, he said, he said Africa would need climate solutions that also address pressing socio-economic needs.

“Africa needs innovative climate solutions can enable the continent to be more resilient to climate disasters while maximising the economic benefits of the global green transition – Green Growth,” he noted.

Also, he noted by arming the youths with green skills and mobilising financial support to develop new enterprises that are critical enablers for just and green transition, Africa will gain global leadership on the fight against climate change.

He further called for homegrown industries that would convert the continent’s enormous rich mineral reserves of Lithium to make batteries that power electric vehicles instead of setting up industries elsewhere and exploring the minerals from Africa.

“This highlights the critical theme of the 2023 International Youth Day, “Green Skills for Youth: Towards a Sustainable World.” Africa needs to aggressively arm its youth with Green Skills to leverage their enthusiasm, resilience, and exploratory spirit.

“This is the pathway to develop new medium and large green industries in Africa. We must emphasise here that Africa cannot afford to depend on other nations for green technologies. We must develop here in the soil of Africa globally competitive green technologies if climate action must yield social and economic gain on the continent,” Adeleke said.

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