268 Views
Ph: DR: FRADD a platform for exchanging experiences and resilience
To tackle the climate crisis and achieve the goals of the historic Paris Agreement, we must move to a just net zero economy for which finance is a major lever. It is in this context that a high-level panel was organized during the ninth session of the African Regional Forum for Sustainable Development to explore how to mobilize just transition finance and achieve an inclusive recovery as the just transition finance program moves into a new phase with the announcement at the COP27 richer countries to pay for loss and damage to accelerate the pace towards inclusive growth as we build back better.
Much has changed since the United Nations charted a sensible and sustainable path for our people and our planet in 2015 to achieve inclusive growth. The effects of climate change, COVID-19 and the war in Ukraine are reshaping societies and deteriorating their economic prospects.
In Africa, achieving the goals of theAgenda 2030of the’Agenda 2063 and adapting to and mitigating the effects of climate change and the fallout from the pandemic requires access to finance to ensure an inclusive recovery towards a sustainable economy.
“Progress in Africa will determine global progress on the SDGs. Access to adequate funding is essential to ensure that communities in Mozambique, Niger and the Sahel build their resilience and adapt to climate change. Policies must be inclusive to achieve an inclusive recovery”says Diene Keita, Assistant Secretary-General and Deputy Executive Director, Program, United Nations Population Fund.
Ph.DR Family photo of participants at the 9th Session of FRADD in Niamey, Niger
The session made a series of recommendations to governments and international organizations on how to mobilize public and private finance for sustainable reforms that produce positive results for Africans, such as decent work, poverty and eradication, and drive inclusive economies that put women and girls first.
The just transition and inclusive recovery plan must be integrated into each country’s climate plans and budgets. This will ensure annual budgets and long-term financing plans that reflect the priorities of climate needs and recovery plans. Another crucial step is to prepare adaptation finance strategies that reflect the National Adaptation Plan (NAP) or Nationally Determined Contributions (NDCs) of countries under the Paris Agreement.
“We need to be careful about adaptation finance, which did not receive enough attention at COP27. We need to mobilize funding for this to move forward as we gather at COP28 in the United Arab Emirates,” says Nemera Gebeyehu, Ethiopian Minister of State for Planning and Development.
Alongside these efforts, private financial institutions have also begun to recognize their responsibility to support the just transition and achieve an inclusive recovery. Even if the pace is slow, African governments can seize the opportunity to raise funds to support the transition.
If a just transition offerssignificant economic and social benefits, its achievement will require addressing the challenges faced by communities and workers as they move towards sustainable livelihoods, while ensuring equitable access to the benefits of a zero-carbon and resilient economy. (Source: CEA)
