As the 28th United Nations Conference on Climate Change (COP 28) looms on the horizon, the African Development Bank Group (AfDB) has taken a pioneering step by launching detailed Country Focus Reports (CFRs) to guide African policymakers.
The reports, centred on the theme "Mobilising private sector finance for climate and green growth in Africa," aims to empower nations in their negotiations at the global event in Dubai from November 30 to December 12.
Chief Economist and Vice President of the African Development Bank Group, Professor Kevin Urama, emphasised the practical impact of these reports, stating, "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."
The CFRs delve into macroeconomic performance, offering insights to mobilise the private sector and natural capital finance, essential for bolstering the continent's climate resilience and green growth policies. With climate change posing a significant threat to Africa's inclusive growth, the reports explore avenues to leverage private sector resources and natural capital to bridge the climate finance gap.
Ferdinand Bakoup, Acting Director of Country Economics, noted that the CFRs build upon the African Economic Outlook 2023, enhancing policy design and influencing future projects and programmes across the continent. These reports provide up-to-date, accurate data crucial for informed policy and investment decisions.
The AfDB Group is committed to mitigating information imbalances by presenting detailed, country-specific reports, acknowledging the diverse nature of the African continent. The CFRs underline various policies, from green bonds to debt-for-climate swaps, aimed at accelerating economic growth and building resilience to shocks.
Urama stressed the need for multifaceted policy interventions, including capacity strengthening, regulatory development, incentives, and support for project preparation. He emphasised the crucial role of blended finance, de-risking facilities, and the development of platforms for private sector investments in green projects.
As the reports are poised to impact policy design and future projects, they play a pivotal role in guiding African nations towards inclusive, strong, and sustainable green growth. With these measures, the AfDB Group aims to contribute significantly to the global fight against climate change, fostering a path to a resilient and green future for Africa.
For more information and to access the individual country reports, click here.