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Africa's climate agenda: Opportunities for private sector participation, according to AfDB

09/07/2021
Categories: Economy/Forex

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The African Development Bank (AfDB) in partnership with the African Private Sector Assistance Fund has conducted a scoping study on the implementation of NDCs in Africa. The published document identifies opportunities for private sector participation in Africa's climate agenda.

African Development Bank scoping study identifies opportunities for private sector engagement in Africa's climate agenda. Published on the implementation of NDCs in Africa, it recommends that development finance institutions and other investors focus on high-impact, high-growth-potential start-ups that can drive climate-related innovation. Indeed, climate action offers profitable opportunities for the private sector, but will also help protect investments with climate impacts. Thus, governments should be encouraged to view the private sector as a critical partner for climate action and to create the enabling policy and regulatory environments that enable private sector innovation.

The study identifies opportunities and entry points for private sector participation in the implementation of NDCs in Africa with a focus on five pilot countries, for which studies have also been produced. These are Egypt, Morocco, Mozambique, Nigeria and South Africa. According to the leading Africa-wide study, only five African countries have carefully considered the role of the private sector in their NDCs: Burkina Faso, Ghana, Morocco, Niger and South Africa. Private sector participation in African NDCs needs to be strengthened. For its part, the African Development Bank has launched the Private Sector Investment Initiative for African NDCs. The initiative aims to build the capacity of African businesses to integrate climate change into their business operations and identify opportunities that advance the objectives of the NDC. The Bank provides climate change knowledge products and tools to support them.

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