Post-COVID-19 recovery: African countries that include climate change action more likely to attract finance ― Report

2 months ago 30

African countries that include climate change action as a central objective in the planning and implementation of their post-COVID-19 economic recovery plans are more likely to attract finance, address social challenges and achieve robust and sustainable growth, a new report has shown.

The “Post-COVID-19 Recovery in Africa: Recommendations for Policy Actors” report, examines the social, economic and fiscal impact of COVID-19 on the continent and makes recommendations to policy actors on how best to integrate policy initiatives that will kick-start growth.

The report was co-authored by Nairobi-based Power Shift Africa, Society for Planet and Prosperity in Abuja, and Rabat’s Positive Agenda Advisory.

The report draws on three case studies conducted in East Africa, West Africa, and North Africa, which were published in July.

It examines the impact of the COVID-19 pandemic in each region and proposes actions that African policy actors can take on their own or through coordination with international development partners.

“The concepts of green recovery and building back better have gained some level of popularity recently but until now there has been limited national and international discussion about what these concepts mean for Africa,” said Professor Chukwumerije Okereke, director-general of the Society for Planet and Prosperity.

He added that “The concrete recommendations in this report are hugely important to steer the continent on the path of green resilient recovery.”

The COVID-19 pandemic has unleashed unprecedented pressure and threats to domestic revenue capabilities for national budget financing that is already fragile and if not addressed swiftly could result in untenable debt burdens. This calls for global solidarity, partnerships and support including through debt relief to enhance African countries’ fiscal capacity towards resilient and climate aligned recovery.

“Immediate climate action and finance are key parameters for a green, resilient and inclusive recovery in Africa in the run up to COP26”, says Fathallah Sijilmassi, co-author of the report and founding president of Positive Agenda Advisory. “Action is needed now and there is a golden opportunity to make it a turning point for Africa’s accelerated growth and development.”

The report also warns that a narrow focus on economic recovery that ignores climate change and the broader objectives of sustainable development would cost Africa more economic pain in the long run.

“The pandemic is a reset moment and provides a chance to shift away from stranded fossil fuel assets and invest in the clean energy of the future”, said Mohammed Adow, co-author of the report and founding director of Power Shift Africa. “Africa is blessed with wind and sun, making that the bedrock of our recovery. It is the fastest and most sustainable way to ensure Africa prospers.”

“There is a perception in some quarters that such green recovery interventions come at a cost, but this is not the case – especially now after the pandemic when financial and social constraints are so much tighter,” said Professor Rym Ayadi, President of the Euro-Mediterranean Economists Association. “Every dollar invested generates up to $6 in return. Investments in rebuilding are essential components of any recovery and we now can harness added environmental and climate value, too.”

YOU SHOULD NOT MISS THESE HEADLINES FROM NIGERIAN TRIBUNE

Buhari Urges MTN For Quality Service, Downward Price Review In Cost Of Data, Other Services

President Muhammadu Buhari Friday at State House Abuja urged the MTN Group to make the available top-of-the-range service to its Nigerian subscribers…  African countries that include climate change action more likely to attract finance African countries that include climate change action more likely to attract finance African countries that include climate change action more likely to attract finance  African countries that include climate change action more likely to attract finance.

Read Entire Article