TechPression

Tag: Climate Action

  • African Development Bank (AfDB), Korea to advance climate-resilient technologies 

    African Development Bank (AfDB), Korea to advance climate-resilient technologies 

    In a significant move, the African Development Bank (AfDB) has partnered with the Korea Environmental Industry and Technology Institute (KEITTI) to strengthen investments in low-carbon and climate-resilient technologies. This strategic collaboration aims to expedite climate change mitigation and adaptation efforts across multiple African countries.

    The AfDB announced this partnership on their website on Wednesday, September 20, stating that the signed pact was carried out during the 7th Korea-Africa Ministerial Conference on Economic Cooperation(link is external), held on  Thursday, September 14,  in Korea’s second-largest city, Busan.

    Read also: AfDB, South Korea to boost food security, vaccine production

    A Pioneering Partnership

    Under this agreement, Korea will share its technological expertise and knowledge with the AfDB‘s African member countries, extending its support to help identify and develop eco-friendly projects.

    Dr. Kevin Kariuki, the Vice President for Power, Energy, Climate Change, and Green Growth at the African Development Bank, expressed his satisfaction with the agreement. He underscored the partnership’s focus on priority areas closely aligned with the 2023 KOAFEC Ministerial Conference, with a particular emphasis on agriculture and energy. Dr. Kariuki emphasised that transforming these industries is essential for Africa’s sustainable development.

    According to him, “The transformation of these sectors to ensure energy and food security is crucial for Africa’s sustainable development and requires significant investment in technology development, increased financial flows and strategic partnerships,” Kariuki said.

    Africa’s Climate Vulnerability

    Africa stands as one of the most climate-vulnerable regions globally, with nine of the top ten most vulnerable countries located on the continent. Despite contributing only 4% of global carbon emissions, Africa faces disproportionately severe consequences due to climate change. A recent report from the African Development Bank, the African Economic Outlook 2022, projected that climate change could potentially reduce Africa’s GDP by up to 15% by 2050, underscoring the urgency of climate resilience efforts.

    Dr. Lee Woo-Weon, Vice President of the Korea Environmental Industry and Technology Institute, enthusiastically welcomed the collaboration with the African Development Bank. He highlighted the joint technical assistance to be provided for environmental projects across critical areas such as water, energy, climate change, circular economy, and environmental conservation.

    The African Development Bank has positioned itself as a driving force in promoting climate-resilient and low-carbon development throughout Africa, aligning its strategies with the objectives of the Paris Agreement. Through its Climate Action Window, the bank aims to mobilise an impressive $13 billion in support of transformative climate action programs across the continent.

    Dr. Kariuki emphasised the AfDB’s unwavering commitment to providing comprehensive support to address climate change challenges. This support includes technical assistance, project preparation support, concessional finance, and risk mitigation measures. He reiterated the importance of these efforts in facilitating an equitable transition to clean energy and building climate resilience in African nations.

    A Call for Global Collaboration

    Furthermore, Dr. Kariuki called upon global partners to collaborate closely with the African Development Bank to advance transformative climate adaptation and mitigation initiatives across Africa. Recognizing the urgent need for collective action, he emphasised that these measures are of paramount significance for the continent’s sustainable future.

    This strategic collaboration between the AfDB and KEITTI not only reflects a shared commitment to addressing climate change but also underscores the growing importance of international partnerships in driving climate-resilient technologies and fostering sustainable development in Africa. As the world grapples with the profound challenges posed by climate change, such initiatives serve as beacons of hope, offering tangible solutions for a more sustainable and resilient future for Africa and the world.

    About AfDB

    The African Development Bank (AfDB), also known as Banque Africaine de Développement, is a financial institution dedicated to promoting economic and social progress across Africa. With 54 African member states and 26 non-African member states, the ADB finances a variety of projects, including core infrastructure like highways and water systems. One of its major ongoing projects is the construction of a 745-mile highway from Lagos, Nigeria, to Abidjan, Ivory Coast.

    The bank prioritizes technical and vocational education for young Africans. It operates through entities such as the African Development Fund and the Nigeria Trust Fund, all working towards the economic development and social progress of member nations.

  • World Investment Forum 2023 to raise fund for climate action, food security, others

    World Investment Forum 2023 to raise fund for climate action, food security, others

    The UN Conference on Trade and Development (UNCTAD) is gearing up to host the World Investment Forum 2023, a global event aimed at rallying investments to tackle pressing challenges such as climate action, clean energy, healthcare, food security, and more.

    With heads of state, government ministers, and CEOs of leading companies coming together, the forum is a unique opportunity for Africa to take its place on the world stage. More than 50 government officials, over 150 CEOs, and thousands of stakeholders will join forces across 130 events to tackle the challenges that directly impact our continent.

    UNCTAD Secretary-General Rebeca Grynspan emphasised the need for global investment stakeholders to come together and channel funds into vital sectors to combat ongoing crises.

    Read also: UN women envoy to meet Nigerian private sector leaders

    Challenges Facing Global Investment

    UNCTAD’s World Investment Report 2023 highlights that the overlapping challenges of war, high food and energy prices, and mounting debt pressures have already had a significant impact on global foreign direct investment, which declined by 12% in 2022. These crises greatly reverberate across Africa, affecting the continent’s economies, industries, and livelihoods.

    Dr. Thani Al Zeyoudi, minister of state for foreign trade in the United Arab Emirates (UAE), stressed the role UNCTAD can play in addressing these interconnected issues. He maintained that balancing prosperity and sustainability requires innovation, investment, and strong will, especially in the face of inflation, geopolitical uncertainty, and climate change.

    Closing the Energy Transition Gap

    One of the critical discussions at the Forum will revolve around climate action. It’s an opportunity for Africa to address its energy transition gap. Developing nations on the continent face an annual investment gap of $2.2 trillion to shift to low-carbon energy sources.

    By participating in this forum, African nations alongside nations in other continents can work toward strategies and investments that will accelerate clean energy solutions which is a vital step in mitigating climate change.

    Nigeria to host Africa Internet Governance Forum 2023

    Harnessing Sustainable Finance, Healthcare and Food Security

    The forum will delve into how the sustainable finance market can contribute to building a low-carbon future and drive investment in sustainable energy. Despite economic challenges like high inflation and rising interest rates, the global sustainable finance market, including bonds, funds, and voluntary carbon markets, reached $5.8 trillion in 2022. This remarkable growth highlights the increasing interest in sustainable investments.

    The World Investment Forum will also explore opportunities to increase investments in healthcare and agrifood systems. Developing countries require at least $100 billion annually to enhance healthcare facilities and infrastructure. With Africa countries’ healthcare systems needing substantial investments, these opportunities have the potential to bolster the Sub-Saharan economies.

    Additionally, the forum will discuss strategies to boost public and private sector investments in agrifood systems. Transforming these systems can help reduce food insecurity, create rural employment opportunities, and increase incomes while also addressing climate change and biodiversity loss.

    The World Investment Forum 2023 aims to provide countries with a platform to turn their investment facilitation plans into tangible actions and reforms. Participants will explore ways to make investment facilitation services inclusive and tailored to the specific needs of various sectors and investor groups with a significant development impact.

    As James Zhan, the UNCTAD director who’s in charge of the World Investment Forum, said: “This is a golden opportunity for developing countries to examine how they can bridge investment gaps through more efficient investment promotion and facilitation.”

    This global forum is not just another international event; it’s a call to action for Africa. It’s an opportunity for the continent to be better positioned, shape its future, address pressing challenges, and mobilise investments for a sustainable and prosperous future. 

  • Nigeria, UNIDO, GEF Partner To Meet Clean Energy, Climate Action SDGs

    Nigeria, UNIDO, GEF Partner To Meet Clean Energy, Climate Action SDGs

    The Nigerian Government, the United Nations Industrial Development Organization (UNIDO), the United States Government and the Global Environmental Facility (GEF) are on track to meet their commitments to reduce carbon emissions by 80% by 2050 and by 100% by 2060, respectively, to achieve Sustainable Development Goals 7 (Affordable and Clean Energy) and 13 (Climate Action).

    Under the auspices of the Global Cleantech Innovation Program (GCIP) Nigeria, the three individuals hope to provide young Nigerians in the fields of technology, agriculture, industry, waste management, and water resources with access to financing and other support schemes that are aimed at generating wealth via environmentally friendly processes and techniques.

    Director (environmental science and technology) Mr. Peter Ekweozoh recently revealed that the five-year journey to position Nigerian tech innovators on the global scale and deepen green tech across critical sectors of the economy was announced at the recent National Forum and Award Ceremony in Lagos.

    Read also: African Energy Chamber (AEC) of Commerce request Investment in Energy

    According to him, the federal ministry of science, technology, and innovation made its debut by initiating the Technology Needs Assessment for Climate Change Mitigation and Adoption in Nigeria’s Vulnerable Sectors, and the idea of calling for entries from aspiring entrepreneurs and innovators to proffer sustainable solutions was born.

    After exhaustive and demanding processes, three (3) promising inventors and entrepreneurs were selected from a pool of twenty-five (25) applicants. The winner received $10,000, the runner-up $7,500, and the runner-up $5000. These techies would continue on to bigger projects that would help the Nigerian people.

    After this, the program would be implemented throughout the entire country by the Ministry of Science, Technology, and Innovation. To refresh your memory, in 2015 Nigeria ratified the Paris Climate Change Accord, committing to cutting global warming by up to 47 percent across seven key sectors. Twenty-seven percent were conditional offers, while seven percent were unconditional.

    To put it another way, we need to stop doing everything that contributes to the release of greenhouse gases (carbon dioxide). It’s a three-year plan to advance more eco-friendly forms of energy production, he insisted.

    Mr. Jean Bakole, UNIDO’s Country Representative and Regional Director, elaborated on the program’s goals, saying that it aimed to create an environment favourable to the development of high-impact clean technology innovations and the attraction of large-scale investments.

    As well as producing local environmental benefits, “this mechanism is predicted to deliver significant worldwide influence on reducing global temperature rise to well below 2° C,”

    He claimed the initiative will improve the competitiveness of SMEs, innovation hubs, and startups by putting them in touch with the Global Cleantech Network’s investor, customer, and partner networks. Achieving SDGs 7 and 13 would be a top priority for Nigerian companies if this were to happen, he said.

    About UNIDO

    The United Nations Industrial Development Organization (UNIDO) is a United Nations specialised organisation that seeks to promote and expedite sustainable industrialization in developing nations and transition economies.

    The Organization’s goal is to eradicate poverty via inclusive and sustainable industrial development (ISID), in line with the new global development agenda enshrined in the Lima Declaration of 2013. UNIDO focuses on three thematic goals to assist nations in their efforts to attain ISID: poverty reduction, economic competitiveness advancement, and environmental protection. This is accomplished through UNIDO’s specialist technical departments and extensive field presence.

    AfDB Invests $21 Million In Chad’s Clean Electricity Project

    About The GEF

    The Global Environment Facility (GEF), created in 1991, is the world’s largest fund dedicated to environmental protection financing. Thus far, GEF Trust Fund replenishments have leveraged USD 20.65 billion in capital, which has been multiplied through facilitating 1:5 co-financing through multi-stakeholder alliances. By directing strategic investments to its partners, it works as a catalyst for action. The GEF is organised as a partnership network of 18 implementing agencies, including UN organisations, multilateral development banks, national institutions, and international non-governmental organisations, as well as donor and recipient countries.