10 October 2014

Africa Welcomes Low Carbon Financing Coalition

press release

Marakech — Governments, global business communities, finance institutions, and civil society organizations have formed a coalition that will see them mobilize approximately $200 billion for financing projects aimed at reducing carbon emission and increasing climate resilience.

Ms. Olushola Olayide, representing the African Union Commission (AUC), told delegates at CCDA-IV that the plan for the coalition is a build on earlier promises by wealthy nations to raise $100 billion to help developing nations shift to renewable and adapt to extreme environmental conditions.

"World leaders at the just-concluded UN Summit on Climate Change in New York promised to curb greenhouse gas emissions, reduce and ultimately halt tropical deforestation, and increase the share of electric vehicles in cities," Ms. Olayide said.

Given that Africa's agriculture is yet to match the needs of a growing population, climate change is expected to complicate efforts in finding solutions to the problem as it causes severe disruptions to agricultural production systems, the environment, and the biodiversity that supports food production systems.

"Africa must look into options that can turn climate challenges into opportunities, especially those that improve agricultural performance and enhance capacity to facilitate broad-based poverty reduction and food security for all," she said.

Ms. Olayide stressed that agriculture would remain a key driver of African economic growth, with a prime responsibility of providing employment opportunities for a rapidly growing and predominantly youthful population.

As such, an agricultural value chain therefore provided multiple entry points and pathways for advancing Africa's transformative agenda toward a green economy and low carbon development.

Empowering people with climate change information and knowledge was therefore critical to enhancing the performance and sustainability of African agriculture. Therein lay the relevance and key role of the ClimDev-Africa Programme, Ms. Olayide concluded.

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