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· An AfDB report focuses on startups that help innovation in climate related domains to provide for sustainable development in the continent, where private sector has been given very little attention
· The study is titled Nationally Determined Contributions (NDC) implementation in Africa through green investments by private sector
· It was produced in partnership with the Fund for African Private Sector Assistance and launched during an African Development Bank webinar held on 1 July 2021
· According to study, only five African countries have assigned important role to the private sector in their NDCs and they are Burkina Faso, Ghana, Morocco, Niger and South Africa. Private- sector participation in African NDCs needs to be strengthened, the report said.
An AfDB report focuses on startups that help innovation in climate related domains to provide for sustainable development in the continent, where the private sector has been given very little attention.
The study is titled Nationally Determined Contributions (NDC) implementation in Africa through green investments by the private sector. It was produced in partnership with the Fund for African Private Sector Assistance and launched during an African Development Bank webinar held on 1 July 2021. Government and development institutions must engage the private sector in efforts to develop the green economy and meet Africa’s commitments under the Nationally Determined Contributions of the Paris Agreement of Climate Change, the report said.
The study says that climate action offers profitable opportunities for the private sector. It will also help protect those investments from climate impacts. Governments should be encouraged to see the private sector as a critical partner for climate action and create the enabling policy and regulatory environments that enable private sector innovation.
The African Development Bank has pledged to mobilize US$25 billion towards climate action on the continent by 2025. The NDCs developed by African countries as part of the Paris Agreement would require an estimated US$3 trillion of investment by 2030. At least 75% of the funds are expected to come from the private sector, which has a crucial role to play.
According to a study, only five African countries have assigned important roles to the private sector in their NDCs. They are Burkina Faso, Ghana, Morocco, Niger and South Africa. Private- sector participation in African NDCs needs to be strengthened, the report said.
