By Precious John
The Climate Change and Green Growth Department of the African Development Bank (AfDB), with the global infrastructure firm, Stantec, will host a consultation workshop on enhancing private sector participation in climate change and green investment in Africa on Thursday, June 25 2020.
The workshop will present key findings on opportunities and challenges in climate change investment, in alignment with Nationally Determined Contributions (NDCs) in Africa, more specifically, in six pilot countries: Egypt, Morocco, Angola, Mozambique, Nigeria and South Africa.
Since 2015, 54 African countries have signed the Paris Agreement on climate change while at least 44 of them have submitted their NDCs, committing to keeping global warming below 2°C. In Africa, it is estimated that the implementation of NDCs will cost about US$3 trillion by 2030. All projections indicate that about 75 per cent of this cost will come from the private sector.
The participation of the private sector in climate action in Africa needs to be supported and guided towards opportunities for green investments on the continent. The workshop will emphasize priority options and models to support NDCs-aligned private sector investments by presenting scoping studies in the six pilot countries and elsewhere on the African continent.
Director for Climate Change and Green Growth, Anthony Nyong and Manager of the Climate Change and Green Growth Division, Al-Hamndou Dorsouma will open the session. The meeting will gather the Bank’s country managers, key stakeholders from the private sector, public body representatives, and academics to build the momentum to scale up climate finance on the continent.