Opinion: How to ensure a green road ahead for Africa
23 April 2021
The world faces a make-or-break moment in the fight against climate change. We are running out of time to make our economies greener and avoid the tipping point when climate change slides out of control. The next 10 years will prove decisive.
The European Union is stepping up to do its part. In December, European leaders agreed to cut the EU’s greenhouse gas emissions by 55% by 2030, aiming to be carbon-neutral by 2050 in line with the Paris Agreement.
Europe should also be a key partner in helping to finance green investments in Africa. The continent’s potential green transition also presents an enormous opportunity to create jobs, reduce inequalities, improve health, and create sustainable livelihoods. The transformation could help foster sustainable economic growth for decades to come.
“European institutions such as EIB are well positioned to help Africa leapfrog over fossil fuels to new, clean sources of energy. EIB has been a key partner in Africa for almost 60 years and, in 2020, signed more than €4.5 billion in loans on the continent — a new record,” explained EIB President Werner Hoyer in a recent op-ed co-signed with Augusto Santos Silva, Minister of State and Foreign Affairs of Portugal published by Devex.
With these financing operations in the energy and water sectors, the European Investment Bank aims to promote the development of a green economy in Africa whilst continuing to support small businesses and the healthcare sector.
African and European political, business and civil society partners at today’s at the High-Level EU-Africa Green Investment Forum stressed the crucial need to accelerate new investment across Africa to deliver sustainable development and create opportunities from the green transition, alongside strengthening economic recovery from COVID-19.
The Portuguese Presidency of the Council of the European Union, in collaboration with the European Investment Bank (EIB) and the Spanish Ministry of Foreign Affairs, European Union and Cooperation today hosted a discussion day on energy transition in Africa. The event was held as part of the EU-Africa Green Talks: New investment pathways towards sustainable, inclusive development, which the Portuguese diplomatic representations, the EIB and other partners are organising in Africa and Europe, prior to the main event, the https://www.2021portugal.eu/en/events/high-level-economic-and-green-investment-forum-eu-africa/