{"id":24248,"date":"2022-05-13T04:27:43","date_gmt":"2022-05-13T04:27:43","guid":{"rendered":"https:\/\/www.withinnigeria.com\/broadnews\/?p=24248"},"modified":"2022-05-13T04:28:31","modified_gmt":"2022-05-13T04:28:31","slug":"afc-inaugurates-roadmap-to-combat-climate-change-in-africa","status":"publish","type":"post","link":"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/13\/afc-inaugurates-roadmap-to-combat-climate-change-in-africa\/","title":{"rendered":"AFC inaugurates roadmap to combat climate change in Africa"},"content":{"rendered":"
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Africa Finance Corporation (AFC) has inaugurated a roadmap to combat climate change on the continent.<\/p>\n

To this end, a report titled: Roadmap to Africa\u2019s COP: A Pragmatic Path to Net Zero was presented at the AFC Live Infrastructure Solutions Summit held in Abuja<\/a> on Thursday.<\/p>\n

Samaila Zubairu, the President and Chief Executive Officer, AFC, said the new policy paper defined the continent\u2019s stand ahead of COP27 UN Climate Change Conference in Egypt.<\/p>\n

Zubairu said the report was set within a context where Africa had borne the brunt of the most devastating impacts of climate change while contributing little to global emissions.<\/p>\n

He said Africa, therefore, needed a realistic agenda for addressing climate change<\/a> which allows the region to also continue advancing its industrial base.<\/p>\n

\u201cWhen it came to global net zero, Africa is unlike any other continent when it comes to global net zero \u2013 and we need a blueprint for a common negotiating stance that reflects this.<\/p>\n

\u201cWe are advocating consideration of Africa\u2019s energy deficit and the need for quantum leaps in industrialisation for job creation and reducing poverty,<\/p>\n

\u201cAs well as climate-proofing built infrastructure and protecting our powerful carbon sinks.\u201d<\/p>\n

Zubairu said the report argued that, while cutting emissions was vital for the more developed and highest polluting wealthier nations, there was a more limited universal impact to be gained from reducing the far lower emissions of sub-Saharan Africa.<\/p>\n

The president said the report concludes that African nations would drive a far greater effect in combatting global warming by focusing on three significant areas of change.<\/p>\n

\u201cWe propose a three-pronged approach to combat climate change, the three significant areas include to localise, rebuild and innovate. \u201d<\/p>\n

He said the continent needed to localise production, increase value, create jobs, reduce poverty and lower emissions.<\/p>\n

Zubairu said Africa must focus on developing local industries by putting processing and manufacturing at the centre of sustainable circular economies.<\/p>\n

He said doing so would eliminate emission-spewing shipments of Africa\u2019s minerals and other commodities to Asia for manufacturing and processing, only to be shipped again as finished goods to consumer markets.<\/p>\n

\u201d Especially important is creating local manufacturing of the components of renewable energy technology.<\/p>\n

The president said It was critical for these metals to be mined in such a way that minimises further pollution and for resource-efficient sustainable mining techniques<\/a> to be combined with ecosystems fostering local production centres.<\/p>\n

On rebuilding, Zubairu said the continent needed strong and resilient buildings to re-build ocean and river defences and infrastructure in transport, construction, electricity grids and off-grid energy.<\/p>\n

He said according to the report, this would in turn help the development of sustainable mining and the circular economies that drive growth and job creation.<\/p>\n

The president said financing was also needed to help preserve Africa\u2019s vast carbon sinks.<\/p>\n

He said these sinks absorb more carbon dioxide annually than any other region\u2019s rainforests but were being depleted by local populations for firewood for cooking and heating.<\/p>\n

Zubairu said Africa must look for a way to unlock capital from the private sector.<\/p>\n

According to him, AFC\u2019s many projects over the course of 15 years demonstrate that it is possible to mobilise financing at scale through crowding in private sector investment.<\/p>\n

\u201cThrough leveraging financial input from governments and NGOs, we have the tools to de-risk climate investments and offer strong returns to incentivise funding from institutional investors. \u201d<\/p>\n

The president said these efforts could help ensure that capital flows to the frontlines of the fight against climate change in Africa.<\/p>\n

He said insurance was a tool to unlock capital, adding that repurposing the aid that comes into Africa would help with additional capital into Africa.<\/p>\n

The president said Africa\u2019s leaders need to agree on climate action and do things differently in addressing solutions around climate.<\/p>\n

According to him, we need to have local value and see how we can build more resilient infrastructure.<\/p>\n

Reports have it that AFC was established in 2007 to be the catalyst for private sector-led infrastructure investment across Africa.<\/p>\n

It is the second highest investment grade rated multilateral financial institution in Africa.<\/p>\n

AFC\u2019s approach combines specialist industry expertise with a focus on financial and technical advisory, project structuring, project development and risk capital.<\/p>\n

The aim is to address Africa\u2019s infrastructure development needs and drive sustainable economic growth.<\/p>\n

AFC invests in high-quality infrastructure assets that provided essential services in the core infrastructure sectors of power, natural resources, heavy industry, transport, and telecommunications.<\/p>\n

To date, the corporation had invested 10 billion dollars in projects across 35 African countries.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Africa Finance Corporation (AFC) has inaugurated a roadmap to combat climate change on the continent. To this end, a report titled: Roadmap to Africa\u2019s COP: A Pragmatic Path to Net Zero was presented at the AFC Live Infrastructure Solutions Summit held in Abuja on Thursday. Samaila Zubairu, the President and Chief Executive Officer, AFC, said […]<\/p>\n","protected":false},"author":4,"featured_media":24294,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jnews-multi-image_gallery":[],"jnews_single_post":[],"jnews_primary_category":[],"footnotes":""},"categories":[7],"tags":[4939,5104,229],"class_list":["post-24248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-national","tag-continent","tag-established","tag-infrastructure"],"yoast_head":"\nAFC inaugurates roadmap to combat climate change in Africa » BROAD NEWS \u2014 WITHIN NIGERIA<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.withinnigeria.com\/broadnews\/2022\/05\/13\/afc-inaugurates-roadmap-to-combat-climate-change-in-africa\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"AFC inaugurates roadmap to combat climate change in Africa\" \/>\n<meta property=\"og:description\" content=\"Africa Finance Corporation (AFC) has inaugurated a roadmap to combat climate change on the continent. To this end, a report titled: Roadmap to Africa\u2019s COP: A Pragmatic Path to Net Zero was presented at the AFC Live Infrastructure Solutions Summit held in Abuja on Thursday. 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