The African Development Bank and the Organisation for Economic Co-operation and Development's (OECD) Development Centre have teamed up to roll out a new policy toolbox for a just low-carbon transition in Africa.
The two institutions launched the Equitable Framework and Finance for Extractive-based Countries in Transition (EFFECT) on 15 November on the side-lines of COP27 in Sharm El-Sheikh, Egypt. The toolbox provides options for policymakers to chart a path to a just, sustainable transition to low-carbon in line with national development priorities.
The report resulted from an intensive and rigorous consultation process led by Nigeria and the European Union, and hosted by the OECD Development Centre.
Ragnheiður Elín Árnadóttir, Director of the OECD Development Centre, said: "We look forward to working with the African Development Bank on the implementation of EFFECT in Africa. We share the view that a low carbon transition is possible in fossil-fuel-producing and mineral-rich economies without compromising on their development ambitions. Governments and private investors tell us they are ready to talk; we are joining forces to convene productive dialogues that will lead to action."
Vanessa Ushie, Acting Director of the African Development Bank's African Natural Resources Management and Investment Centre, said: "We welcome the collaboration with the OECD on the implementation of EFFECT in Africa. The Bank recognizes the importance of just transition pathways that reflect the peculiar contexts and needs of African countries. Africa's natural resources sector is facing severe threats and impacts from climate change. There is a need for innovative tools and partnerships that can deliver the right solutions for the continent's sustainable development."
The two partners will focus on context-specific, tailored solutions to the challenges facing Africa's natural resource-rich countries. Steps will include: discussion among governments, industry, development finance institutions and civil society of the equity and cross-border dimensions of the low carbon transition; development of just-transition indicators; support for the development and implementation of low-carbon roadmaps and fostering of peer learning; and development of collaborative and actionable solutions for industrial decarbonization, low-carbon value chains, and future-proof infrastructure.
About the OECD Development Centre
The OECD Development Centre is an independent platform for knowledge sharing and policy dialogue between Organisation for Economic Co-operation and Development member countries and developing economies, allowing these countries to interact on an equal footing.
Contact:
Bochra Kriout, OECD Development Centre | Bochra.Kriout@oecd.org
Faïza Ghozali, Communication and External Relations Department, African Development Bank | media@afdb.org
