On the sidelines of the African Business Forum 2023 in Addis Ababa
African officials: COP28 is an opportunity to benefit from the UAE's experience in climate action
The African Business Forum 2023 was held under the theme "Making Carbon Markets Work for Africa". From the source
The Acting Executive Secretary of the United Nations Economic Commission for Africa (ECA), Antonio Pedro, said that the Conference of the Parties (COP28), hosted by the UAE this year, constitutes an important platform to continue global and African climate action, implement pledges and complete the initiatives and projects launched in COP27.
He added in remarks to the Emirates News Agency (WAM) on the sidelines of the African Business Forum 2023, which was held under the slogan "Making carbon markets work for Africa" in the Ethiopian capital Addis Ababa, that African countries have identified a package of opportunities to accelerate the pace of climate action, noting that Africa's participation in COP28 will enable its countries to end incomplete climate action, mobilize financing opportunities for climate action in Africa, in addition to learning and benefiting from the UAE's experience in particular with regard to how to mainstream climate action in its efforts to diversify the economy.
He pointed out that the UAE offers an exceptional model in sustainable economic diversification that is more resilient, while Africa still depends mainly on resource-dependent export economies, which confirms the importance of cooperation between the UAE and Africa to benefit from its pioneering experience in diversifying economies with an environmentally friendly green path that supports sustainable development paths, which COP28 provides opportunities for African countries and the transition from climate pledges to the implementation stage.
He said that the African Business Forum 2023 comes within the framework of joint African action for the optimal use of resources such as forests, blue economy and abundant sunlight, with the aim of promoting sustainable economic diversification by translating spontaneous climate action into development projects that contribute to providing alternative livelihoods for communities affected by climate change, pointing to the importance of developing carbon markets in Africa and how to benefit from them in sustaining growth and creating opportunities.
For his part, Chief Economist and Director of Research and International Cooperation at the African Export-Import Bank, Dr. Hippolyte Fovac, said that addressing climate change must be in a way that promotes inclusive growth at the global level and benefits all countries of the world, by strengthening global cooperation and coordination, and pledging to work together to avoid a climate crisis, which requires more appropriate investment and possession of technology tools to move towards energy transitions in a fair way that allows improving well-being in a way that will create conditions for global convergence.
He pointed out that financial institutions and banks are pushing for a hybrid model during the transition period towards the energy transition as this ensures a combination of fossil fuels and renewable energy, adding that when it comes to climate change unless green technology is accessible to everyone, we will not all move towards justice and a cleaner world because it is very important that the issue of technology transfer is part of the equation and one of the important issues.
"The issue of carbon credits is critical if we really address this problem – it is the most transparent, cost-effective and objective mechanism, and we have to make sure that pricing is appropriate and fair."
He pointed out that the UAE's hosting of COP28 contributes to advancing the continuity of climate action globally, adding that African countries should take advantage of this important event to enhance cooperation with the UAE and learn from its experience in sustaining economic growth while preserving the environment.
"The UAE offers an exceptional model of more resilient sustainable economic diversification."
"The UAE's hosting of COP28 contributes to driving the continuity of climate action globally."