Why Africa needs to achieve climate resilience urgently

Africa is facing a critical juncture as it grapples with the urgent need to achieve climate resilience and drive energy transition on the continent. The African Development Bank (AfDB) is focusing on these key issues at its annual meetings, highlighting the challenges and pathways to a more sustainable future. Kevin Urama, the Acting Chief Economist and Vice President for Economic Governance and Knowledge Management at the AfDB, sheds light on the pressing issues and the necessary actions to be taken. The urgency of the situation is underscored by a combination of factors, including the impact of climate change, the repercussions of COVID-19, and escalating geopolitical tensions. These challenges have heightened inflation rates, particularly affecting essential commodities like food, energy, and fertilizers. As Africa navigates through these complexities, the need to prioritize climate resilience and energy transitions becomes paramount. Urama emphasizes that addressing climate resilience is a perpetual challenge for Africa, requiring continuous adaptation and mitigation efforts. Energy transition is equally crucial as access to electricity remains a critical barrier to industrialization and economic development. With over 600 million Africans lacking electricity access, the continent faces significant hurdles in advancing its socio-economic progress. The cost of achieving climate resilience and energy transition in Africa is substantial, amounting to billions and trillions of dollars. Given the fiscal constraints faced by many African nations, international collaboration and support are essential to mobilize the required resources, technology, and expertise. Urama stresses the need for a global response akin to the one witnessed during the COVID-19 pandemic, where trillions of dollars were mobilized to combat the crisis. This level of cooperation is imperative for Africa to transition to a more sustainable energy landscape and enhance its climate resilience. In terms of energy transition, Africa aims to develop integrated energy systems that are efficient, cost-effective, and environmentally friendly. The continent's progress in transitioning away from fossil fuels aligns with global efforts to reduce carbon emissions. Natural gas serves as a key transitional fuel for many countries, facilitating the shift from coal-intensive energy systems. In addition to natural gas, renewable energy sources, energy efficiency measures, green bonds, and carbon markets play vital roles in mobilizing resources for sustainable energy infrastructure. Urama highlights the importance of leveraging tools like the Special Drawing Rights of the IMF and replenishing funds like the African Development Fund to support climate-compliant investments in Africa. Domestic resource mobilization is also critical in financing climate-resilient projects and promoting energy transitions. The upcoming launch of the Africa Economic Outlook report at the annual meetings will provide valuable insights into supporting climate resilience and energy transitions in Africa. The report will outline the immense opportunities available for Africa in embracing sustainable practices and driving economic growth through green initiatives. As stakeholders convene to address these critical issues, the focus remains on building a resilient and sustainable future for the continent.