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Greening Africa will spur growth
The green sector can improve Africa’s trade balance by reducing energy imports, and raise foreign exchange by exporting green goods and services, according to the report.
The green sector can improve Africa’s trade balance by reducing energy imports, and raise foreign exchange by exporting green goods and services.
The reports notes that most African economies share common environmental challenges and that greening could promote regional integration and cooperation and the growth of continent-wide innovation capabilities.
“There is now growing commitment among African countries to pursue inclusive green development. Collective commitment from across the African Union will strengthen the speed and effectiveness of such a strategic shift,” Deputy Executive Secretary of the Economic Commission for Africa (ECA), Abdalla Hamdok, said at the launch of the report in Addis Ababa last week.
Africa’s move to greener industrialisation is not just a step toward meeting global carbon emission targets – it is a precondition for sustainable and inclusive growth, the report said.
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“Now we have an incredible opportunity to configure our own industrialisation. Africa has an opportunity to take advantage of its ‘late-runner’ status, and it has huge potential to become a front-runner in this new pathway to basically reshape its own economies and reshape it in a way that it can own,” Dr. Fatima Denton, Director of the ECA's Special Initiatives Division said.
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