UN Agency Urges Gvts To Prioritise Greener Investments

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By Mandipa Masenyama

THE Economic Commission for Africa (ECA) has urged African governments to foster greener investments, sustainable development and spearheaded the initiative of a robust battery, electric vehicle and renewable energy chain to better the livelihoods of Africans.

In a statement the ECA’s Director of the strategic planning, oversight and results division Saheed Adejumobi outlined a number of key achievements that ECA has made as of yet and urged the African governments to foster greener investments.

“Through this African governments will save US$11 billion in borrowing costs in the next five years while fostering greener investments and sustainable development,’’ Adejumobi said.

The Executive Secretary Vera Songwe exposed how ECA is on the right track and commended the staff members for their commitment on delivering their work despite the challenges that they faced during the deadly Covid-19 pandemic.

“As an institution we are on the right track. We are proud of ourselves for what we have done. Looking forward, we need to challenge ourselves on whether we are doing the right things so that we can do more and much better,’’ Songwe said.

In an effort to make Africa a better place and to improve livelihoods ECA had spearheaded the organization of the multi-stakeholder Africa Business Forum in collaboration with the Government of the Democratic Republic of Congo and other private sector partners. Held in November 2021 in Kinshasa, the Forum was based on solid technical analysis that will foster the development of a robust Battery, Electric Vehicle (BEV) and renewable energy value chain and market in Africa, echoing ECA’s continued push to industrialize through value addition and opportunities to improve livelihoods.

Looking forward to 2022, the meeting articulated six possible areas of collaboration. These are economic integration (AfCFTA) macro-economic policies (debt, macro-modelling and development planning), private sector development, climate change, migration, data and statistics.

“The AfCFTA project needs to incorporate the free movement of persons, goods and services in its work. Without free movement of persons, trading and investments cannot be readily accelerated. Hence, ECA needs to work on this urgently, with the involvement of civil society,” urged Adejumobi.