Africa is the most impacted by climate change yet it is not accessing the funds available for green projects which could accelerate the economy; green, growth or both.
Amadou Hott, African Development Bank’s vice-president; power, energy, climate and green growth said capital was available worldwide. “We see a lot of of capital chasing few ready renewable energy projects. Many projects were not yet well structured to attract the investment. Strong governance, good governance, competent governance are absolutely important to attract capital and that they was we can develop green projects."
Instead capital was chasing a few ready renewable energy projects. "Many projects were not yet well structured to attract the investment,” he said.
This meant at this stage there was more money than could be given away.
“If we were able to develop all the projects that Africa needs, for example achieving universal access to electricity over the next 10 years, we may have a gap in terms of capital. But today, today we have more resources but we’re chasing few projects because developing projects take time and African countries are not ready,” said Hott.
Landry Signé, political science professor at Stanford University's African Studies department believes there cannot be economic growth cannot be achieved without environment stability and sustainability.
To achieve this, there was a need capital investment and technological innovation.
"Capital and technological innovations are extremely important and that is what we don’t have enough of in Africa. So although we can be enthusiastic about the environmental aspect determining economic growth- Africa has enough land, natural resources – we do not have enough capital but thats because we are lacking in terms of technological innovation," said Signé.
South African Reserve Bank governor Lesetja Kganyago said it was clear that green growth was no longer an option but a necessity. More so in a country which was as big an emitter as South Africa, hard questions needed to be asked about why green finance was unreachable.
INDEPENDENT MEDIA WEF TEAM