Statement by Mr. Claver Gatete at the Africa Day, Side Event on The Margins of COP29

AFRICA DAY

SIDE EVENT ON THE MARGINS OF COP29

Theme:

Scaling up Financing for Climate Adaptation and Green Growth in Africa

Statement

By

Mr. Claver Gatete

United Nations Under-Secretary-General and

Executive Secretary of ECA

Africa Pavillion, Baku, Azerbaijan

13 November 2024

Your Excellency, Dr. William Samoei Ruto, President of the Republic of Kenya,

Your Excellency, Mohamed Ould Cheikh AI- Ghazouani, President of the Islamic Republic of Mauritania and Chairman, African Union,

Your Excellencies Heads of State and Government,

Mr. Moussa Faki Mahamat, Chairperson, Africa Union Commission,

Dr. Akinwumi Adesina, President, Africa Development Bank Group,

Professor Benedict Oramah, President, African Export-Import Bank,

Hon. Fortune Charumbira, President, Pan-African Parliament,

Dr. Mwenda, Executive Director, Pan-African Climate Justice Alliance (PACJA)

Distinguished Delegates,

Ladies and Gentlemen:

It is an honour to join you on this Africa Day at COP29 to deliberate on the vital theme of "Scaling up Financing for Climate Adaptation and Green Growth in Africa."

I wish to begin by extending my gratitude to all colleagues and partner organizations for convening this timely forum to address Africa's urgent climate finance needs.

Today, we are meeting in Baku, a city that, like many others, bears the marks of climate impacts.

From changing sea levels to shifting weather patterns, it reminds us that climate change is a present and pressing reality for every nation.

Yet we are off track on all measures and targets, from financing, to adaptation to resilience building.

Excellencies

Distinguished Delegates,

The daily realities grow worse for Africa.

African economies lose up to 5% of GDP, on average, annually because of climate-related disruptions.

And while African countries require adequate, predictable and accessible finance, the structure of existing climate finance continues to perpetuate inequities.

Today, much of the available climate funding is disbursed as loans, and not as grants, adding to Africa's already high debt levels.

We should not continue to settle for this way of doing business.

Excellencies

Distinguished Delegates,

To address our climate and economic challenges, the ECA presents five critical policy priorities that outline a path toward an empowered, climate-resilient Africa:

First, we must leverage Africa's critical minerals to drive a green economic transformation.

Africa's wealth of clean energy sources, combined with its critical minerals, has the potential to power a climate-resilient future.

The battery and electric vehicle industries - expected to be worth trillions by 2050 - demonstrate Africa's strategic role in the global green transition.

Through initiatives like the Democratic Republic of Congo and Zambia's collaboration on a Special Economic Zone for battery value chains, Africa can lead in clean energy production, create jobs and promote sustainable economic growth.

Second, it is imperative that we enhance Africa's carbon capture potential through structured, nature-based solutions.

Africa's ecosystems, particularly the Congo Basin, hold vast capacity for carbon storage, which could mobilize up to US$82 billion per year through high-integrity carbon credits.

Yet, to ensure that Africa's carbon markets benefit African economies and communities, we need a robust and transparent system.

And this is why the ECA is supported initiatives like the Congo Basin Climate Commission's carbon market protocols to build a market that both safeguards Africa's interests and contributes to global climate goals. We are replicating these efforts in the Sahel region and African island states.

Properly harnessed, these assets can secure fair compensation for Africa's vital ecosystem services.

Third, we must commit to establish the New Collective Quantified Goal (NCQG), a goal that is based on real needs, which is estimated at US$1.3 trillion for Africa.

Available financing continues to fall short, and our public finances must be complemented by private funds to build resilience, protect diversity, and foster climate-responsive development.

Fourth is accelerating the clean energy transition for Africa's long-term economic resilience and prosperity.

The transition to renewable energy, Excellencies, is unstoppable.

Already, electricity from new wind and solar installations is more cost-effective than fossil fuels in many regions.

As the world moves toward a green economy, Africa has a chance to position itself at the forefront.

With coordinated policies and investment, Africa can become a global hub for renewable energy, ensuring that our economies benefit from the transition while safeguarding the environment.

Finally, is the need for urgent, decisive action to limit greenhouse gas emissions and avoid the irreversible impacts of climate change.

Africa, despite its minimal contribution to global emissions, is committed to doing its part.

However, we call upon global partners to match this commitment with actionable support, because delaying increases risks for us all.

Excellencies

Distinguished Delegates,

I envision an Africa where sustainable resources power our industries, where our young entrepreneurs lead in green technology, and climate finance enables our development aspirations.

I am convinced that these are not distant aspirations but achievable realities if we act now.

And the ECA remains committed to joining hands with our partners - namely, the African Union, AfDB, AUDA-NEPAD, Afrexim Bank, and all stakeholders to establish an equitable approach to scaling climate finance for Africa.

For the cost of inaction is far greater than the investment required to build a resilient and prosperous future for Africa today.

Together we can work to ensure a sustainable future for Africa and the world.

I thank you for your kind attention.

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