Africa Must Seek to Reap from $10.3tn Global Climate Opportunities, Say Renewables Advocates

*Urge developed world to offset $100bn pledge

Emmanuel Addeh in Abuja

A United Nations accredited climate action advocacy group, Green Growth Africa, yesterday suggested that with the right policies, Africa could shed its projected $50 billion annual loss due to the current global climate crisis, to reap from the $10.3 trillion worth of opportunities in the renewables space.

Speaking during a virtual media briefing monitored in Abuja, Executive Director of the organisation, Dr Adedoyin Adeleke, explained that as the only continent in the world where more than 60 per cent of its population is under the age of 25, the continent must explore the resilience of the youth by tapping into the sector.
The event was to herald the 2023 International Youth Day, themed: “Green Skills for Youth: Towards a Sustainable World,” which comes up on Saturday, August 12.

For instance, he noted that Africa remains the world’s poverty capital as more than half of the continent’s population, that is, 546 million people live in extreme poverty, advising that the continent’s leaders should stop seeing the debate on the global climate crisis as a ‘we versus them’ discourse.
With youth unemployment in Nigeria increasing from 40 per cent in 2020 to 53 per cent in 2022, the highest in the world, Adeleke maintained that the appalling challenges of the African youth was being compounded by the climate crisis.

He maintained that every year, billions of tons of greenhouse gasses, including carbon emissions, from activities like fossil fuel consumption, unsustainable manufacturing, and transportation systems heat up the atmosphere, with the consequent surge in global temperatures.
Despite contributing 3 per cent of the global emissions of greenhouse gasses, he noted that Africa finds itself disproportionately vulnerable to the impacts of climate change.

“The continent faces escalating climate-related extreme weather disasters, including floods, extreme heat, erratic rainfall, and rising sea levels, causing untold human suffering and economic disruption.
“For instance, flood incidents have surged ten times since the 1960s, leading to  more than 20,000 deaths; severe droughts have claimed more than 500,000 lives, and more than $70 billion has been lost.

“Worsened climate challenges amplify food insecurity, poor health, conflict, internal displacement, and the COVID-19 fallout in Africa. These altogether are deepening extreme poverty and other socioeconomic challenges that the continent already faces.
“Further projections suggest that annual costs of the climate crisis for African nations could skyrocket to $50 billion by 2050. For context, that is more than the entire 2023 budget in Nigeria,” he explained.

While stressing that the efforts to address climate change also offer even more opportunities for Africa to leapfrog its development deficit, he noted that the continent needs climate actions that also advance social and economic development indicators.
“What Africa requires are climate solutions that not only reduce carbon emissions but also fast track social and economic development.
“A 2023 report by Arup and Oxford Economics estimates that the transition to a net zero emissions environment by 2050 will create new industries worth $10.3 trillion to the global economy by that same year.

“These new economic opportunities range from the growing market demand for electric vehicles, renewable power generation, clean energy equipment, renewable fuels, as well as green finance and activities that would support supply chains across the globe.
“Africa has much to gain by tapping into this green transition: the current overreliance of African countries like Nigeria on crude oil may spell economic doom in the nearer future as the world is shifting away from fossil fuel use.

“On the other hand, we are well-positioned to lead the global green transition by leveraging our huge resources: from our rich mineral reserves of lithium used to make batteries that power electric vehicles, to our abundant human resources embodied in our youth that can supply quality labour, not just to the continent but to other regions across the globe,” he said.

The executive director also called on the developed nations to redeem their  $100 billion pledge for the Climate Fund agreed in COP21, financial pledges made to the Adaptation Fund in COP26, and the recent loss and damage fund agreed to at COP27.
Also, the Manager in charge of Operations, Juwonlo Micheal, speaking earlier, explained that the organisation was committed to the implementation of green socio-economic development solutions to address Africa’s developmental challenges, with about 1,500 professionals, researchers and students across the globe.Emmanuel Addeh in Abuja

A United Nations accredited climate action advocacy group, Green Growth Africa, yesterday suggested that with the right policies, Africa could shed its projected $50 billion annual loss due to the current global climate crisis, to reap from the $10.3 trillion worth of opportunities in the renewables space.
Speaking during a virtual media briefing monitored in Abuja, Executive Director of the organisation, Dr Adedoyin Adeleke, explained that as the only continent in the world where more than 60 per cent of its population is under the age of 25, the continent must explore the resilience of the youth by tapping into the sector.
The event was to herald the 2023 International Youth Day, themed: “Green Skills for Youth: Towards a Sustainable World,” which comes up on Saturday, August 12.

For instance, he noted that Africa remains the world’s poverty capital as more than half of the continent’s population, that is, 546 million people live in extreme poverty, advising that the continent’s leaders should stop seeing the debate on the global climate crisis as a ‘we versus them’ discourse.
With youth unemployment in Nigeria increasing from 40 per cent in 2020 to 53 per cent in 2022, the highest in the world, Adeleke maintained that the appalling challenges of the African youth was being compounded by the climate crisis.

He maintained that every year, billions of tons of greenhouse gasses, including carbon emissions, from activities like fossil fuel consumption, unsustainable manufacturing, and transportation systems heat up the atmosphere, with the consequent surge in global temperatures.
Despite contributing 3 per cent of the global emissions of greenhouse gasses, he noted that Africa finds itself disproportionately vulnerable to the impacts of climate change.

“The continent faces escalating climate-related extreme weather disasters, including floods, extreme heat, erratic rainfall, and rising sea levels, causing untold human suffering and economic disruption.
“For instance, flood incidents have surged ten times since the 1960s, leading to  more than 20,000 deaths; severe droughts have claimed more than 500,000 lives, and more than $70 billion has been lost.

“Worsened climate challenges amplify food insecurity, poor health, conflict, internal displacement, and the COVID-19 fallout in Africa. These altogether are deepening extreme poverty and other socioeconomic challenges that the continent already faces.
“Further projections suggest that annual costs of the climate crisis for African nations could skyrocket to $50 billion by 2050. For context, that is more than the entire 2023 budget in Nigeria,” he explained.

While stressing that the efforts to address climate change also offer even more opportunities for Africa to leapfrog its development deficit, he noted that the continent needs climate actions that also advance social and economic development indicators.
“What Africa requires are climate solutions that not only reduce carbon emissions but also fast track social and economic development.
“A 2023 report by Arup and Oxford Economics estimates that the transition to a net zero emissions environment by 2050 will create new industries worth $10.3 trillion to the global economy by that same year.

“These new economic opportunities range from the growing market demand for electric vehicles, renewable power generation, clean energy equipment, renewable fuels, as well as green finance and activities that would support supply chains across the globe.
“Africa has much to gain by tapping into this green transition: the current overreliance of African countries like Nigeria on crude oil may spell economic doom in the nearer future as the world is shifting away from fossil fuel use.

“On the other hand, we are well-positioned to lead the global green transition by leveraging our huge resources: from our rich mineral reserves of lithium used to make batteries that power electric vehicles, to our abundant human resources embodied in our youth that can supply quality labour, not just to the continent but to other regions across the globe,” he said.

The executive director also called on the developed nations to redeem their  $100 billion pledge for the Climate Fund agreed in COP21, financial pledges made to the Adaptation Fund in COP26, and the recent loss and damage fund agreed to at COP27.
Also, the Manager in charge of Operations, Juwonlo Micheal, speaking earlier, explained that the organisation was committed to the implementation of green socio-economic development solutions to address Africa’s developmental challenges, with about 1,500 professionals, researchers and students across the globe.