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Mitigating the climate crisis and driving inclusive growth in Africa

Mitigating the climate crisis and driving inclusive growth in Africa

More severe droughts, plagues, floods, and famine are some of the anticipated impacts of climate change that we face globally. Over the past few years, we have witnessed some of the dramatic climate impacts in Africa already: the 2019/2020 East African locust plague, the cyclones in Mozambique, the drought in South Africa. Against a backdrop of large infrastructure gaps and social inequality, tackling the climate crisis on the continent is a complex challenge. Sustainable finance can play an important role in driving that much-needed change.

Large investments are required across the African continent to combat climate change and drive inclusive growth. The African Development Bank estimates that financing for the continent’s infrastructure falls short by up to USD $108 billion per year. This is where sustainable finance plays an important role.

Sustainable finance means driving capital towards projects and businesses that promote environmental protection and inclusive growth. This can range from environmental projects that drive renewable energy and clean transportation, to social projects that deliver affordable housing or much-needed social infrastructure.

Striding towards a sustainable future

Businesses, and more specifically, banks, need to make firm commitments to enable a sustainable future. Committing to programmes such as South Africa’s renewable energy programme and the United Nations Principles for Responsible Banking (PRB) framework is one way for firms to change the way deals are assessed by incorporating environmental and social aspects into their analysis.

Meaningful changes need to be made to the way that African companies, and firms globally, operate, in order to facilitate sustainable solutions for clients and the future.

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