eBusiness Weekly
Business Writer
President Mnangagwa has called for innovative, green investment strategies to foster Africa’s economic growth.
He emphasised the need for African countries to benefit from the transition to sustainable green economies, which is estimated to generate US$3 trillion by 2030, innovative instruments to foster climate action and address the current debt crisis are needed.
“The effects of climate change are increasingly constraining African countries from exploiting their rich natural resource endowments, in a sustainable manner, leading to diminishing returns along economic value chains,” said President Mnangagwa at the 56th Session of the Conference of Ministers of Finance, Planning and Economic Development in Victoria Falls on Monday.
“The adoption of multi-pronged pathways is thus crucial for inclusive green economies. These must not only aid in poverty eradication, but also safeguard ecological thresholds that support human development, health and well-being.
“African countries should therefore innovate ways of climate financing mechanisms, proactively mobilise financial resources from both domestic and international sources to facilitate the adaptation,” he said.
The region has seen an increase in the prevalence of climate change induced disasters in the past decade causing damages to infrastructure offsetting economic growth.
In 2019, Zimbabwe, together with Mozambique and Malawi experienced what was one of the worst climate change induced disaster – Cyclone Idai – which resulted in loss of lives, infrastructure damages and supply chain disruptions.
Such challenges have made the region and global leaders collaborate to minimise the challenge and enhance adaption.
Government and institutional representatives at the conference made a resounding call for a broad range of innovative instruments such as debt-for-nature swaps, regional blue bonds, regional carbon markets and the use of natural capital accounting.
President Mnangagwa also underscored the need for cooperation and partnership between governments and the private sector to forge the growth investment strategies for inclusive green economies that benefits our communities and stressed the need to focus on a people centred development philosophy that leaves no one and no place behind; one that builds synergies among nations and promotes balanced development across the continent.
