Opening Remarks by Ms. Hanan Morsy, Deputy Executive Secretary, ECA at CCDA-XII

Abidjan, 30 August, 2024 (ECA),  His Excellency, Mr. Mike Elton Mposha, Minister of Green Economy and Environment, Zambia 

Excellencies,

Distinguished participants

ladies and gentlemen

Good morning.

It is a privilege to join you today. Let me start by congratulating the World Meteorological Organization  for launch the fifth series of the Annual Report on the State of the Climate in Africa, with contributions from the African Union Commission, the Africa Development Bank, Accelerating Impacts of CGIAR Climate Research for Africa (AICCRA) and other partners.

The ECA is pleased to have also contributed to this robust report that offers a comprehensive overview of our climate situation, making it easier to identify trends and challenges, policy opportunities for action and innovative solutions to mitigate the climate crisis that profoundly affects our continent.

Africa is on the front lines of fighting climate change and is impacts; from rising temperatures to shifting rainfall patterns, and other extreme weather events. As a consequence, key sectors like the agricultural sector, which employs over 60% of Africa’s population, is under threat.  Crops are failing, and livestock is suffering as climate variability disrupts traditional farming practices, jeopardizes food supply and economic stability of nations, who are already grappling with high poverty and levels.

Through the report, policymakers, researchers, and stakeholders are provided with essential data and analysis to help them make informed decisions and to act swiftly and effectively. It presents vital information on climate indicators, impact assessments, adaptation strategies, and policy considerations, creating a centralized resource to guide national and regional initiatives. With accurate and timely information, we can develop targeted policies that address the specific needs of our communities.

The Report underscores that on average, climate-related hazards cause African countries to lose 2%–5% of their gross domestic product (GDP) annually, with many diverting up to 9% of their budgets to respond to climate extremes. At the same time African countries face significant debt distress, forcing trade-offs with critical development needs such as health or education. We can only drive investments in climate action if we have financing; therefore, there is a need to achieve sustainable debt levels to make the essential investments.

To be able to do this, there must be:

First,  a timely and sustainable international debt resolution that calls for an overhaul the G20 Common Framework to make it more effective, time-bound, and transparent.

Second, a reform of the global financial architecture to ensure affordable financing at scale.

Third,  implementation of innovative financing instruments such as debt-for-nature swaps, green and blue bonds.  African countries currently benefit the least from green bonds, accounting for only 0.2% of global issuances between 2006 and 2022 .

 And fourth, advancing carbon markets to establish a fair carbon price supported by high-integrity carbon registries to ensure transparency and trust, are transformative avenues to address Africa's climate finance requirements.

Excellencies,  Distinguished participants, ladies and gentlemen

By sharing our experiences, successes, challenges and by speaking with one voice, not only will we learn from one another but will be heard by others. Together, we must create a resilient future for Africa that safeguards our environment, supports our communities, and that drives sustainable development and climate action.

Thank you