African Countries to secure investment for Green Growth

Nairobi,

Thursday, September 7, 2023

KNA by Bernadette Khaduli 

The Nairobi Declaration on Africa Climate Summit (ACS) 2023 averred in Nairobi, Kenya on September 6 by African Heads of State and governments will enable African countries to develop detailed plans and secure investments to support green growth.

Executive Director Caribbean Export Development Agency Mr. Deodat Maharaj said the declaration will not only help the continent but the entire globe, as Africa plays its part in supporting decarbonization efforts in different places.

In a press statement sent to newsrooms, Maharaj said the Caribbean has demonstrated strong commitment in Agriculture at the highest levels, one of the focus of ACS by deploying technology, alongside digitalization and innovation.

“Incentives are being provided across the board to support investments in this sector,” said Maharaj, adding that addressing of climate emergency through greening trade must go hand in hand with tackling food insecurity and encouraging agricultural production, which is also a priority in the Caribbean.

“Caribbean leaders have a clear goal of reducing food imports by 25 percent by 2025,” he said, but noted that for Africa to be successful in trade investment and to build true climate resilience.

He said the private sector must be a central driver of this transformation, supported by appropriate policy frameworks, whereas the commitments at the highest levels must be secured.

Maharaj noted that direct business-to-business engagement is imperative, particularly in deepening South-South trade and investment relationships.

“Africa and the Caribbean which has been identified by the African Union as Africa’s sixth region shares deep historical and people-to-people ties,” he said.

The Executive Director further stated that the shared experience of the climate emergency has created another commonality, and one that presents an existential threat to both regions, particularly for small states. 

Maharaj said African governments, similar to their Caribbean counterparts, have limited capacity to respond to the climate crisis due to debt distress and economic shocks, necessitating urgent action including debt relief and increased liquidity.

He said building on Bridgetown 2.0 and the Paris Pact, the just concluded Africa Climate Summit can help advance a transformational agenda to reset and reshape trade and investment relationships to build climate resilience.

Courtesy; KNA