8 November 2017

Africa Receives Tips to Meet Paris Agreement Targets

Photo: Ursula Wittekind/DW
Solar power is just one of many ways Africa is helping to reduce greenhouse gas emissions

Johannesburg — AFRICAN countries can meet climate targets promised in the landmark Paris Agreement by catalysing trillions of dollars in private investments through a combination of smart policy reforms and innovative business models. This is according to a new report by International Finance Corporation, a member of the World Bank Group. "The private sector holds the key to fighting climate change," said IFC Chief Executive Officer, Philippe Le Houérou. "The private sector has the innovation, the financing, and the tools. We can help unlock more private sector investment, but this also requires government reforms as well as innovative business models--which together will create new markets and attract the necessary investment. This can fulfill the promise of Paris." The IFC report identifies seven industry sectors that can make a crucial difference in catalyzing private investment: renewable energy, off-grid solar and energy storage, agribusiness, green buildings, urban transportation, water, and urban waste management. Already, more than $1 trillion in investments are flowing into climate-related projects in these areas. But trillions more could be triggered by creating the right business conditions in emerging markets, the report found. Saleem Karimjee, IFC Country Manager for Southern Africa, said local private businesses had the opportunity to become regional and global leaders in promoting climate-friendly projects. "New approaches to business can unlock significant funds for climate finance that IFC and other lenders are eager to support," Karimjee said. Addressing climate change is a strategic priority for IFC. Since 2005, IFC has invested $18.3 billion of its own funds in long-term financing for climate-smart projects and mobilized an additional $11 billion from other investors.

More on This

Developing Countries Push Developed Countries to Deliver

The 25 like-minded developing countries attending the 23rd Conference of Parties (COP23) in Bonn, Germany have pushed… Read more »

See What Everyone is Watching

Copyright © 2017 CAJ News Agency. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 600 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.