Driving climate-smart investments in Africa

Leaders and experts from across Africa have convened at the 2022 African Economic Conference in Mauritius to address the pressing issue of climate change and discuss strategies for financing sustainable development. The conference, jointly organized by the United Nations Economic Commission for Africa (UNECA), the African Development Bank, and the United Nations Development Program, serves as a platform for policymakers, researchers, and young professionals to collaborate on solutions for a low-carbon and climate-resilient future on the continent. The theme of this year's conference is centered on supporting climate-smart development in Africa, with a key focus on promoting investments in technology, agriculture, energy, and other critical sectors. Adam Elhiraika, Director for Macroeconomics and Governance at UNECA, emphasized the importance of individual and collective action by African countries to address climate challenges both regionally and globally. One of the key objectives discussed at the conference is the need for financial commitments to drive climate adaptation and sustainable investments within Africa. Elhiraika mentioned the target of $50 billion USD annually to be spent on mitigating climate change by 2050, highlighting the critical role of international and domestic funding sources in supporting climate-smart initiatives. With the backdrop of COP27 in Cairo and Sharma Sheikh, where significant pledges were made to finance climate adaptation in developing countries, the discussion at the African Economic Conference revolves around identifying the most effective strategies for utilizing these resources. Participants are expected to explore innovative approaches to climate financing and emphasize the importance of collaboration between various stakeholders to achieve meaningful outcomes. As the conference unfolds, Africa looks towards a future where sustainable development and climate resilience go hand in hand. The conversations and commitments emerging from this gathering are crucial in shaping the continent's response to the urgent challenges posed by climate change. By fostering a collaborative and inclusive approach, African nations aim to pave the way for a greener and more sustainable future for generations to come.