{"id":23389,"date":"2022-12-10T08:50:25","date_gmt":"2022-12-10T08:50:25","guid":{"rendered":"https:\/\/www.africa-press.net\/mauritius\/all-news\/17th-edition-of-african-economic-conference-kicks-off-in-mauritius-by-praising-cop27-outcomes"},"modified":"2022-12-10T09:52:36","modified_gmt":"2022-12-10T09:52:36","slug":"17th-edition-of-african-economic-conference-kicks-off-in-mauritius-by-praising-cop27-outcomes","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/mauritius\/all-news\/17th-edition-of-african-economic-conference-kicks-off-in-mauritius-by-praising-cop27-outcomes","title":{"rendered":"17th edition of African Economic Conference kicks off in Mauritius by praising COP27 outcomes"},"content":{"rendered":"

Africa-Press – Mauritius. <\/strong><\/span>The 17th edition of the African Economic Conference (AEC) kicked off Friday in Balaclava, Mauritius by praising the 27th UN Climate Change Conference (COP27) the Egypt hosted in November for identifying the African continent\u2019s needs amid the ongoing climate crisis.<\/p>\n

The AEC 2022 is being jointly organised over three days by the African Development Bank (AfDB), the Economic Commission for Africa (ECA), and the United Nations Development Programme (UNDP) under the theme \u201cSupporting Climate-Smart Development in Africa.
\n\u201cWe could not have come up with a better and timely theme than this one, as the world has just concluded the 27th edition of the Conference of the Parties (COP27), dubbed \u2018the African COP,\u2019 in Sharm El-Sheikh, in Egypt.<\/p>\n

The theme of this year\u2019s AEC 2022 perfectly echoes the conclusions of COP27, which reminded us that time is not on our side. We should quickly move from pledges to action and implementation.<\/p>\n

No more talk but more actions,\u201d according to remarks by the President of the AfDB Dr. Akinwumi A. Adesina\u2019s, which were delivered by Kevin Urama, the bank\u2019s acting chief economist and vice-president.<\/p>\n

As per the AfDB, climate finance inflows into Africa have failed to match either the commitments made by developed countries or the continent\u2019s adaptation and mitigation needs.<\/p>\n

Africa\u2019s share of total global climate finance grew by only three percent on average from 2010 to 2019, from 23 percent ($48 billion) in 2010-2015 to 26 percent ($73 billion) during 2016-19.<\/p>\n

Given the resources needed to meet Africa\u2019s nationally determined contribution (NDC) targets \u2013 estimated at $118.2\u2013$145.5 billion a year until 2030 \u2013 more concrete measures are needed to close Africa\u2019s annual climate finance gap, according to Urama.<\/p>\n

He added that Africa lose $7-15 billion of its GDP annually because of climate change and that these losses are projected to jump to $45-50 billion per year by 2040.<\/p>\n

\u201cAfrica has no choice but to adapt to climate change. Supporting climate-smart, environmentally friendly development is one step in the right direction,\u201d Urama asserted.<\/p>\n

For her part, Deputy Executive Secretary of the UN\u2019s ECA Hanan Morsy said that the theme of this year\u2019s conference is very timely and provides the opportunities to digest and synthesise the discussions at COP27 and propose recommendations for supporting climate-smart development in Africa.<\/p>\n

Losses from climate change could consume up to 70 percent of Africa\u2019s GDP by 2100, Morsy noted, adding that \u201cthese challenges put Africa in a difficult development position.<\/p>\n

The continent needs trillions of dollars to close huge development gaps. For example, it is estimated that investments in the order of up to $170 billion annually, mainly from the private sector, are needed for key infrastructure areas.
\nShe added that 47 African countries, so far, have submitted revised NDCs ahead of the global stocktake on climate actions next year under the UNFCCC process.<\/p>\n

\u201cThese NDCs require close to $3 trillion to implement, resulting in climate-smart development that is based on investments in clean energy systems, climate smart agriculture, green industrialisation, and enhance and inclusive governance and enabling policy and regulatory frameworks,\u201d Morsy pointed out.<\/p>\n

The UNDP\u2019s Regional Director for Africa Ahunna Eziakonwa said that while COP27 in Egypt did not achieve the drastic reduction in emissions that the world needs, it did see the establishment of funding arrangements for loss and damage that represents a victory for vulnerable nations who have contributed little to the climate crisis.<\/p>\n

\u201cThrough our climate promise, UNDP is supporting 44 countries across Africa to implement bold nationally determined contributions as \u2018sovereign investment plans,\u2019\u201d she explained.<\/p>\n

Eziakonwa also stressed that digital technology and innovation are key tools in the continent\u2019s fight against climate change, adding that this was behind the launch of the UNDP Accelerator Labs network which is active in 37 countries across the continent working with local communities to scale-up grassroots development solutions.
\n
\n<\/p>\n

For More News And Analysis About Mauritius<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Mauritius. The 17th edition of the African Economic Conference (AEC) kicked off Friday in Balaclava, Mauritius by praising the 27th UN Climate Change Conference (COP27) the Egypt hosted in November for identifying the African continent\u2019s needs amid the ongoing climate crisis. The AEC 2022 is being jointly organised over three days by the […]<\/p>\n","protected":false},"author":84,"featured_media":23388,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7,11],"tags":[233,245,365,241],"class_list":["post-23389","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","category-photo","tag-africa-press","tag-africa-press-mauritius","tag-economic","tag-mauritius"],"yoast_head":"\n17th edition of African Economic Conference kicks off in Mauritius by praising COP27 outcomes - Mauritius<\/title>\n<meta name=\"description\" content=\"The 17th edition of the African Economic Conference (AEC) kicked off Friday in Balaclava, Mauritius by praising the 27th ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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