Foreign
INVESTMENT in green stimulus projects would be the most cost-effective way to revive the African economy that has been badly hit by the Coronavirus pandemic (COVID-19), a United Nations Economic Commission for Africa (ECA) report said.
The report added that the projects could strike a blow against climate change.
Findings of the report titled Building Forward for an African Green Recovery showed it was important for economic recovery programs to invest in future jobs that would help reduce greenhouse gas emissions in coming years, rather than aim for a return to business as usual.
“We thought that as we continue to look at how we get out of this crisis (COVID-19), we should begin to see how we also plan for the future.
“The report we are releasing today continues to emphasize the need for support for the recovery.
“We would like that recovery to be green,” ECA Executive Secretary, Vera Songwe, said during a virtual media briefing to release the report ahead of the official opening of the UN 7th Session of the African Regional Forum on Sustainable Development in the Congolese capital city Brazzaville.
“What the report is showing is that there are actually good stories to tell in terms of how we grow green but the green recovery requires investment and so how do we get this investment.
“We need to find ways to mobilise the finance. It’s good business,” Songwe added.
Results of the report suggest that green projects such as boosting renewable energy create more jobs, deliver higher short-term returns, and lead to increased long-term cost savings relative to traditional stimulus measures.
The report highlights four main pillars for Africa’s priority interventions and resource mobilization including infrastructure, food security, natural capital, and the African Continental Free Trade Agreement (AfCFTA). (Xinhua/NAN)
– Mar. 2, 2021 @ 12:55 GMT
Tags: Green recovery can revive virus-hit African economy – ECA report
