Africa can become a renewable energy powerhouse if developed nations help the continent in the global battle against climate change, said Nemat Shafik, director of the London School of Economics (LSE), at the COP27 on Tuesday.
Speaking at the UN climate change summit in Sharm El-Sheikh, Shafik said: “I applaud Egyptian government’s focus on adaptation and Africa at this COP.”
She insisted the green industrial revolution could become the new growth story for Africa if properly implemented, and added that it could turn the global economy sustainable.
“Africa is responsible for only 1% of emissions but will be the hardest hit by climate change. That cannot be right.” Shafik said, adding: “Many African countries are in the sunshine, wind, rivers and forests.
“At the same time, many African countries are rich in sunshine, wind, rivers and forests. With support, they could leapfrog the dirty energy systems of the past and, if we create a better carbon market, provide a huge source of income for countries rich in carbon sinks. The green industrial revolution could be the new growth story for Africa.”
LSE director further pointed out that transforming the planet to a sustainable home for living, as outlined in the Paris agreement, demands between $4 trillion and $6 trillion per year globally, “about 5-10 times what we are currently achieving.”
“Humans are the cause of climate change, and we have the means to stop it by changing our economy. We should change it by making needed investments, and creating cities where can move, live and breathe. The food we eat should regenerate the earth rather than deplete it.”
Both the public sector and the private sector should work together to meet climate goals, and governments should also formulate necessary policy frameworks to make it happen, she added.
“Public sector investments will play a key role while fighting climate change. Despite current fiscal constraints, these investments can be financed, as they will fetch positive returns,”
“The private sector too has an important role in fighting climate change. The government has to provide clear policy frameworks and guarantees.”
Shafik warned that humanity is going to suffer a lot if climate change issues are not addressed.
“The economy of the future is our choice. Climate change and biodiversity loss are here, and we are already suffering the consequences. We can overcome this climate change by choosing a different economy for the future,” she noted.
