On the eve of the 28th United Nations Climate Change Conference (COP 28), the African Development Bank Group has launched country-by-country economic reports to guide African policymakers in their discussions at this global event.
The new Country Focus Reports (CFR) provide analysis and policy recommendations to strengthen countries’ active participation at COP 28, 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 outlook and provide insights on mobilizing the private sector and natural capital finance to boost the continent’s climate resilience and green growth policies.
Chief Economist and Vice-President of the African Development Bank Group, Professor Kevin Urama, said they would help bring about “sound, practical and feasible policies” to strengthen private sector financing for the 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,” he said. Urama said.
The reports contain several short, medium and long-term policies aimed at accelerating the economic growth of African countries and strengthening their 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 closing the climate finance gap. This will in turn support the transition towards inclusive, strong and sustainable green growth.
The African Development Bank’s Acting Country Economic Director, Ferdinand Bakoup, said the 2023 country reports build on African Economic Outlook 2023which was launched in May, and the following Regional Economic Outlook launched in July.
He said: “The detailed country-level analysis and policy recommendations of the CFR 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 across a highly diverse continent.
The paper highlights how governments can strengthen macroeconomic performance and outlook and catalyze private sector and natural capital financing to support climate action and green growth initiatives in the country. These include green bonds, debt for climate swaps, green banks, blended finance, carbon markets and several other innovative financing instruments.
The African Economic Outlook (AEO) 2023 and the Regional Economic Outlook The reports highlight the resilience of several African economies despite a series of cumulative shocks in recent years: the COVID-19 pandemic, the persistent impact of climate change, global conflicts, financial market volatility, the growing vulnerability of debt, and much more. Thematic country reports provide more specific information for each African country.
Urama noted: “Expanding private sector participation in green growth markets requires several policy interventions, including strengthening capacity to develop long-term green growth strategies. »
He added that this includes developing appropriate regulations and incentives, supporting project preparation and development, as well as developing more robust capital markets to facilitate the entry and exit of domestic investors and international.
“This will require increased use of blended finance, the use of large-scale de-risking mechanisms and the development of platforms that enable the private sector to invest in a portfolio of green projects, rather than individual projects, in order to diversify and manage risks. » said Urama.
Click on here for more information and to download individual country reports.