Home Agenda Atlantic Council panel on Africa’s economic outlook to 2022 pushes for ‘Agenda for Africa’ at COP 27

Atlantic Council panel on Africa’s economic outlook to 2022 pushes for ‘Agenda for Africa’ at COP 27

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Africa deserves the highest priority attention at the United Nations climate conference, COP 27 to be held in November this year, panel members discussing the African Development Bank (www.AfDB.org) African Economic Outlook 2022 (https://bit.ly/2Z1dRwt) at an event hosted by the Atlantic Council, said Wednesday.

A team from the African Development Bank Group, led by Acting Chief Economist and Vice President Kevin Urama, is in Washington DC to present the African Economic Outlook 2022, a flagship publication of the Bank, to business leaders. international opinion and other targeted organizations. Under the theme, Supporting climate resilience and a just energy transition in Africathis year’s report highlights that climate change is a growing threat to lives and livelihoods in Africa.

In a video message during one of the sessions, Bezos Earth Fund President and CEO Andrew Steer urged African and world leaders to think bolder and work more creatively together as they are preparing for COP 27, which will take place in Egypt.

Steer, the World Bank’s former special envoy for climate change, believes that COP 27 offers the world an incredible opportunity to dream big for Africa. “We need to make it the COP of Africa. So what the African Development Bank and the Atlantic Council are trying to do to educate the public is extremely important.

He described the African Economic Outlook 2022 as “an excellent report”. “It beautifully presents this sobering period for Africa in particular, but indeed for the whole world – a slowing global economy, the perfect storm of rising food and energy prices, interest rates and shocking increases in the impact of climate change and ecology.” vulnerability at a time when international resources are not what they should be.

In a presentation on the report, Acting Chief Economist Urama called for policy coordination and a more holistic approach to tackling climate change.

“We have lost 5% to 15% of GDP per capita growth in Africa due to climate change, and this is on top of other problems that climate change brings to the continent,” Urama said. “In the midst of these challenges lie opportunities for innovation. Let’s think big, act big and save the planet.

“As we prepare for COP 27, honoring the $100 billion annual climate finance commitment that high-income countries pledged to developing countries in 2009 will help restore confidence that we are serious about climate change. climate, even if that is not enough.”

Deputy Assistant Administrator for Africa at the United States Agency for International Development (USAID), Tyler Beckelman, said the African Economic Outlook “compellingly and convincingly captures the very real and pressing challenges for achieving a just energy transition in Africa”.

“Make no mistake, the crisis is already here,” Beckelman warned. “Four failed rainy seasons in the Horn of Africa – with a fifth likely to occur this summer – are a direct result of global warming, and unfortunately this could become the norm.”

He said the United States would ensure that its African partners have the capacity and resources to develop the foundations for a sustainable, low-carbon economy that provides enough energy for growth.

He added: “While the challenges are enormous, we see plenty of reason for optimism. Sustained investment in adaptation and mitigation, through renewable energy and smart land use practices climate action, will help pave the way for African countries to develop innovative ways, building a more just and equitable future for people across the continent.

The Atlantic Council’s Senior Director, Center for Africa, Rama Yade, remarked that it has become more important to look at Africa and climate change.

The event included a panel discussion on the report, comprising Anthony Simpasa, Acting Director of the African Development Bank’s Macroeconomic Policy, Debt Sustainability and Forecasting Division; Ayaan Adam, Senior Director and CEO of AFC Capital Partners at Africa Finance Corporation; Jeffrey Krilla, Vice President for Global Public Policy and Government Affairs, Kosmos Energy; and Queen Quinn, founding partner of Kupanda Capital.

The African Economic Outlook 2022 report (https://bit.ly/2Z1dRwt) offers evidence-based policy options to drive inclusive growth by building climate resilience and a just energy transition in Africa.

The event was an opportunity to assess political stakeholders in Washington DC on the main findings of the report as well as discuss priorities and concrete recommendations in the preparation and preparation for COP27.

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Distributed by APO Group for the African Development Bank (AfDB) Group.

Additional images: https://bit.ly/3OJDg3C

Contact:
Emeka Anuforo
Communication and External Relations Department
[email protected]

About the African Development Bank Group:
The African Development Bank Group is Africa’s premier development finance institution. It comprises three distinct entities: the African Development Bank (AfDB), the African Development Fund (ADF) and the Nigeria Trust Fund (NTF). Present in 41 African countries with an external office in Japan, the Bank contributes to the economic development and social progress of its 54 regional member states. For more information: www.AfDB.org

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