-Warns Claver Gatete
Africa is facing a severe climate crisis that costs the continent between US$290 billion and US$440 billion every year, due to climate-related disasters.
This alarming revelation was made by the United Nations Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA), Claver Gatete, during the 2024 African Economic Conference in Gaborone, Botswana.
Speaking on the theme “Securing Africa’s Economic Future Amidst Rising Uncertainty,” Mr. Gatete described climate change as one of the biggest threats to Africa’s economic stability.
He highlighted the urgent need for reforms in global financial systems to support the continent’s resilience against climate shocks.
According to the UN Under-Secretary-General, while Africa contributes minimally to global emissions, it is disproportionately affected by the devastating impacts of climate disasters.
The financial burden, however, is only part of the story. Mr. Gatete pointed out that nearly 600 million Africans still lack access to electricity despite Africa holding 60% of the world’s solar resources.
This paradox, he said, underscores the continent’s inability to fully harness its renewable energy potential to address both its energy deficit and economic challenges.
He added that the financing gap to achieve the continent’s Sustainable Development Goals (SDGs) has surged to US$1.3 trillion annually, leaving governments struggling to address the dual challenges of climate change and economic development.
Mr. Gatete called for a complete overhaul of the global financial system, which he criticized for marginalizing Africa and failing to deliver adequate climate financing, emphasizing the need for bold reforms that prioritize SDG financing, climate adaptation, and equitable economic growth.
He also proposed innovative financial instruments such as green bonds, blue bonds, and sustainability-linked bonds to boost Africa’s financial independence and resilience.
The lack of investment in renewable energy was another key issue raised. Africa is currently utilizing less than 10% of its renewable energy capacity.
Mr. Gatete urged leaders to focus on developing renewable energy infrastructure, arguing that it is not just an environmental necessity but also an economic opportunity.
He noted that Africa’s abundant solar, wind, and hydropower resources could be the key to powering industries and homes while creating jobs and boosting economic growth.
Beyond the economic impact, Mr. Gatete highlighted the human cost of the climate crisis, revealing that nearly 476 million Africans live in poverty, with 149 million of them falling into poverty recently due to economic and climate shocks.
These figures, he said, represent families disrupted, lives upended, and futures put at risk, underscoring the urgent need for action.
Calling on African leaders to take charge of the continent’s climate agenda, Mr. Gatete stressed the importance of rallying for transformative global action on climate financing.
He also urged international stakeholders to fulfil their commitments to climate resilience initiatives in Africa, arguing that the continent cannot tackle these challenges alone.
The 2024 African Economic Conference, held in Gaborone, provided a platform for policymakers and stakeholders to discuss Africa’s most pressing economic and climate challenges.
