NAIROBI, Sept. 15 (Xinhua) — The World Bank on Tuesday launched a report on a business plan to help Sub-Saharan African economies achieve low carbon and climate-resilient outcomes.
The report dubbed the Next Generation Africa Climate Business Plan (NG-ACBP) calls for countries in the region to seize the opportunity to scale up climate resilience to grow their economies and reduce poverty, redouble efforts to increase energy access across the region, and take advantage of sustainable and innovative approaches to leapfrog into greener development pathways.
“This Next Generation Climate Plan is a galvanizing platform for Sub-Saharan Africa to prepare for and respond to the scale and magnitude of climate shocks and stresses and achieve a resilient low carbon future for all,” the report says.
According to the report, without rapid deployment of inclusive, climate-informed development, 43 million additional people could be pushed below the poverty line by 2030 in Sub-Saharan Africa.
The World Bank will implement the plan over the next six fiscal years (2021-26), leveraging effectively the International Development Association (IDA) and the International Bank for Reconstruction and Development (IBRD) financing to ensure a strong delivery on the climate agenda.
The strategy will be rolled out following one of the most cataclysmic moments in the region’s development, even as the COVID-19 pandemic and its knock-on effects continue to reverberate globally, especially on already vulnerable countries.
According to the report, the loss of lives from COVID-19 is incommensurable and yet a compelling message emerging from the crisis is a global call for strong, early, and unified climate action.
The World Bank noted that the unexpected emergence and unprecedented impacts from the COVID-19 crises will inform, influence, and shape the climate financing that will be delivered under this plan.
The lender observes that COVID-19 must be a centerpiece of the climate plan as Sub Saharan Africa responds to and recovers from the pandemic and its economic consequences and the strategy must also maximize support to the COVID-19 recovery while pursuing synergies between green stimulus and investment response packages that contribute to long-term development.
“Greening the financial stimulus package proposed for COVID-19 could support the transition to low-carbon, climate-resilient pathways for the most optimal long-term outcomes,” it says.
“These stimulus packages could pivot dialogue with decision-makers toward policy reform actions that are more climate-friendly, include fiscal reforms, institutional capacity building, and incentives to promote the introduction of new technologies and green jobs,” it adds.
The report also addresses climate vulnerabilities related to Sub-Saharan Africa’s core development priorities: food, water, energy, human and environmental security.
“It underscores the importance of pursuing climate-smart urban transitions, including green mobility, while supporting the region’s ability to protect against climate shocks and pandemics,” the report notes. Enditem