Greater mobilization of domestic resources will be critical to sustaining greenhouse gas emission reduction efforts in Africa where climate emergencies have escalated, scientists said Tuesday at a virtual forum in Nairobi, the Kenyan capital.
Nokuthula Dube, a Zimbabwean climate finance expert said that given the volatility of overseas support, African countries should turn to local capital markets and raise funds to support the implementation of their carbon neutrality agenda.
“Since adequate financing is a key enabler for realization of a just and green transition, African countries should focus on the domestic money market to support climate mitigation and adaptation,” said Dube.
Convened by the Global Strategic Communications Council, an international network of communications experts in climate, energy and nature, the virtual forum in Nairobi sought to shed light on Africa’s carbon neutrality ambitions.
Dube said the release of Intergovernmental Panel on Climate Change (IPCC) Working Group 3 assessment report on Monday was a reminder that Africa remained the epicenter of the climate crisis, despite contributing less than 4 percent to the global greenhouse gas emissions.
As a lead author of chapter 15 of the IPCC report which focuses on finance and investment, Dube said that Africa’s climate-resilient future hinged on the availability of capital to decarbonize key sectors like agriculture, energy and infrastructure.
Brett Cohen, a South African climate and energy expert said that fiscal incentives were required to stimulate investments in clean energy, low carbon mobility and climate-resilient farming by Africa’s private sector.
According to Cohen, mobilisation of domestic resources will be critical to support community-led actions aimed at hastening a transition to a low carbon future in the continent.