COP 27: Atlantic Council Panel Canvasses Africa Agenda

(AFRICAN EXAMINER) – Participants at a Panel Dialogue on the African Development Bank’s African Economic Outlook 2022 said on Wednesday that Africa deserves the highest priority attention it can get at the United Nations climate conference, COP 27 holding in November this year in Egypt.

The event which was hosted by the Atlantic Council in Washington DC, was an opportunity for policy stakeholders to appraise the key findings of the report as well as discuss priorities and actionable recommendations in the preparation and run-up to COP 27 A team from the Bank Group, led by Acting Chief Economist and Vice

President Kevin Urama, is in Washington D.C. to present the African Economic Outlook 2022, a flagship publication of the Bank, to international thought leaders and other targeted bodies

This year’s report, with the theme, “Supporting Climate Resilience and a Just Energy Transition in Africa”, highlights climate change as a growing threat to lives and livelihoods in Africa.

The African Economic Outlook report 2022 provides evidence-based policy options for driving inclusive growth by building climate resilience and a just energy transition in Africa.

The panelists include, Anthony Simpasa, Acting Manager of the AfDB’s Macroeconomic Policy, Debt Sustainability and Forecasting Division; Ayaan Adam, Senior Director and CEO of AFC Capital Partners at the Africa Finance Corporation; Jeffrey Krilla, Vice President for Global Public Policy and Government Affairs, Kosmos Energy; and Queen Quinn, Founding Partner at Kupanda Capital.

In a video message during one of the sessions, the president and Chief Executive Officer (CEO) of Bezos Earth Fund, Andrew Steer urged African and world leaders to think bolder and work more creatively together as they prepare for COP 27.
Steer, a former World Bank Special Envoy for Climate Change believes that COP 27 gives the world an incredible opportunity to think big about Africa.

“We need to make it Africa’s COP. So, what the African Development Bank and the Atlantic Council are trying to do to raise awareness is exceedingly important”, he said.

He described the 2022 African Economic Outlook as ‘an excellent report.’ According to him, it lays out beautifully this sobering time for Africa in particular, but actually for the whole world, “a slowing world economy, the perfect storm of rising food prices and energy prices, interest rates, and shocking increases in the impact of climate change and green vulnerability at a time that international resources are not what they need to be”.

Similarly, a Senior Director of the Atlantic Council, Africa Centre, Rama Yade observed that it has become more important to look at Africa and climate change.

Deputy Assistant Administrator for Africa at the United States Agency for International Development (USAID), Tyler Beckelman said the African Economic Outlook cogently and convincingly captures the very real and urgent challenges to realizing a just energy transition in Africa.

“Make no mistake- the crisis is already here. Four failed rainy seasons in the Horn of Africa- with a fifth likely to occur this summer- is a direct result of a warming climate, and sadly, it may become the norm”, Beckelman cautioned

He said the United States would ensure that its African partners have the ability and resources to develop the foundation for a sustainable and low-carbon economy that provides ample energy for growth.

“While the challenges are enormous, we see plenty of reasons to be optimistic. Sustained investments in adaptation and mitigation, through renewable energy and climate-smart land use practices, will help provide a pathway for African countries to develop innovative ways, building a more just and equitable future for people across the continent”, he stressed.

Earlier 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 been losing 5 percent to 15 percent of GDP per capita growth in Africa because of climate change, and that is in addition to other issues that climate change is driving on the continent. Amid these difficulties lie opportunities for innovation. Let’s think big, act big, and save the planet.

“As we prepare for COP 27, honoring the 2009 $100 billion yearly climate finance commitment that high-income countries promised to developing countries will help to restore confidence that we are serious about climate change, even though it is not enough”, he further explained.