Climate Action Greatest Economic Opportunity of this Century, Says UN Climate Chief

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All six African sub-regions have experienced an increase in the temperature trends over the past six decades, leading to severe water stresses, not enough food and deepening poverty. Credit: Joyce Chimbi/IPSby Joyce Chimbi (nairobi)Thursday, September 05, 2024Inter Press Service

NAIROBI, Sep 05 (IPS) - With fewer than 100 days to go to COP29, the highest decision-making body on climate issues under the United Nations Framework Convention on Climate Change (UNFCCC), is getting shorter and the need for creative and innovative solutions to protect lives and livelihoods is extremely urgent.

The State of the Climate in Africa 2023 report shows all six African sub-regions have experienced an increase in the temperature trends over the past six decades. In Africa, 2023 was one of the three warmest years in 124 years, leading to unprecedented climatic carnage. The consequences are such that there is not enough food, deepening poverty, damage, displacement and loss of life.

But where many see challenges, there are also opportunities.

Speaking to the African Ministerial Conference on the Environment (AMCEN) in Abidjan, Côte d'Ivoire, today, Simon Stiell, Executive Secretary of UN Climate Change, said "climate action is the single greatest economic opportunity of this century. It can and should be the single greatest opportunity for Africa to lift up people, communities, and economies after centuries of exploitation and neglect."

"The opportunity is immense. But so too are the costs for African nations of unchecked global heating. The continent has been warming at a faster rate than the global average. From Algeria to Zambia, climate-driven disasters are getting worse, inflicting the most suffering on those who did least to cause them."

Jointly launched by the United Nations Economic Commission for Africa (ECA), the World Meteorological Organization (WMO) and the African Union Commission on September 2, 2024, at the 12th Climate Change and Development in Africa (CCDA12) Conference, the climate report shows Africa is disproportionately affected by the climate crises as the continent is warming at a rate that is slightly faster than the global average.

The year 2023 was the warmest on record in many countries, including Mali, Morocco, the United Republic of Tanzania, and Uganda. The warming has been most rapid in North Africa, with Morocco experiencing the highest temperature anomaly.

The report indicates that parts of Morocco, Algeria, Tunisia, Nigeria, Cameroon, Ethiopia, Madagascar, Zambia, Angola, and the Democratic Republic of the Congo experienced severe drought in 2023. Following severe droughts in the Greater Horn of Africa, three countries, including Kenya, Somalia and Ethiopia, experienced extensive and severe flooding, with at least 352 deaths and 2.4 million displaced people reported.

Amidst the far-reaching devastating loss and damage, the UN Climate Chief emphasised that in Africa, as in all regions, the climate crisis is an economic sinkhole, sucking the momentum out of economic growth and that in fact, many African nations are losing up to 5 percent of GDP as a result of climate impacts. It is African nations and people who pay the heaviest price.

Simon Stiell, Executive Secretary of the United Nations Framework Convention on Climate Change (UNFCCC), says COP29 in Baku must signal that the climate crisis is core business for every government, with financial solutions to match. UN Photo/Loey Felipe

Placing additional burden on poverty alleviation efforts, which could in turn significantly hamper growth, the report shows many countries are diverting "up to 9 percent of their budgets into unplanned expenditures to respond to extreme weather events. By 2030, it is estimated that up to 118 million extremely poor people—or those living on less than USD 1.90 per day—will be exposed to drought, floods and extreme heat in Africa if adequate response measures are not put in place."

Putting it into perspective, Stiell said, "Consider food production being hit hard, contributing to the re-emergence of famine, while also pushing up global prices, and with them inflation and the cost of living. Desertification and habitat destruction are driving forced movements of people. Supply chains are already being hit hard by spiralling climate impacts," he said.

Further cautioning that "it would be entirely incorrect for any world leader—especially in the G20—to think: although incredibly sad, ultimately it is not my problem. The economic and political reality—in an interdependent world—is we are all in this crisis together. We rise together, or we fall together. But if the climate and economic crises are globally interlinked. So too are the solutions."

In sub-Saharan Africa alone, it is estimated that climate adaptation will cost USD 30 billion to USD 50 billion, which translates to two to three percent of the regional GDP per year over the next decade. With COP28 having concluded the first-ever stocktake of global climate action—a mid-term review of progress towards the 2015 Paris Agreement—COP29 has been dubbed the ‘finance COP'—an opportunity to align climate finance contributions with estimated global needs.

COP29 will also be an opportunity to build on previous success, especially in the heels of a most successful COP28, whose ambitious commitments include: to transition away from all fossil fuels quickly but fairly; to triple renewable energy and double energy efficiency; and to go from responding to climate impacts to truly transformative adaptation.

While recognizing these big commitments, Stiell said delivering on them will unlock a goldmine of human and economic benefits that includes cleaner, more reliable and affordable energy across Africa. More jobs, stronger local economies, underpinning more stability and opportunity, especially for women. That electrification and lighting at night in the home means children can do homework, boosting education outcomes, with major flow-on productivity gains driving stronger economic growth.

"Cooking with traditional fuels emits greenhouse gases roughly equivalent to global aviation or shipping. It also contributes to 3 million premature deaths per year. It would cost 4 billion US dollars annually to fix this in Africa—an outstanding investment on any accounting," he said.

Further stressing the need to link nature-based climate solutions with biodiversity protection and land restoration, as this will drive progress right across the 17 Sustainable Development Goals. Yet, he reiterated, African nations' vast potential to drive forward climate solutions is being thwarted by an epidemic of underinvestment.

"Of the more than USD400 billion spent on clean energy last year, only USD2.6 billion went to African nations. Renewable energy investment in Africa needs to grow at least fivefold by 2030. COP29 in Baku must signal that the climate crisis is core business for every government, with finance solutions to match," Stiell emphasized.

"It is time to flip the script. From potential climate tipping points to exponential changes in business, investment, and growth. Changes that will further strengthen African nations' climate leadership and vital role in global climate solutions, on all fronts. Your role at COP29—and your voices in the lead-up—are more important than ever, to help guide our process to the highest-ambition outcomes the whole world needs."