Chronicle Editor
Leonard Ncube in Victoria Falls
PRESIDENT Mnangagwa is expected to officially open the 56th Session of the United Nations Economic Commission for Africa (Uneca) Conference of African Ministers of Finance, Planning and Economic Development here tomorrow.
Going under the theme: “Financing the Transition to Inclusive Green Economies in Africa: Imperatives, Opportunities, and Policy Options,” the conference started on Wednesday and ends on Tuesday.
A majority of member states and development partners are attending the hybrid meeting where some are following virtually.
Zimbabwe took over chairmanship of the Economic Commission for Africa, and Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube will be at the helm on behalf of the country for the whole of 2024.
“This is very important conference of Finance Ministers in Africa to drive strategic thinking and what Africa should be focusing on. We are looking forward to in-depth discussions around climate proofing our agriculture and our economies. We have had deeper discussions looking at the macro picture in Africa where countries have seen rising debt and His Excellency will on Monday officially open the meeting before we close on Tuesday,” said Prof Ncube.
Commending Uneca’s support towards the development of Africa over the years especially in supporting African Union member states in the implementation of the African Continental Free Trade Area (AfCFTA) Agreement, Prof Ncube told journalists that the conference offers an important platform for African Ministers of Finance and Central Bank Governors to converge and exchange ideas, experiences, and knowledge especially with regards to mitigating climate change towards green transition.
He called for an inclusive government approach to issues affecting the continent. Uneca deputy executive secretary Mr Antonio Pedro called upon member states to actively transform by transitioning into inclusive, low carbon, and resource-efficient economies and transforming food systems to address hunger, post-harvest losses and widespread malnutrition.
Discussions during the lasat week have been around the need to climate proof agriculture, attract financing towards green transition and the cost of transition, promote the economic and social development of member states, foster intra-regional integration, promote international cooperation and tackle rising debt levels for Africa’s development.
There were also deliberations on how the continent can address illicit financial flows while climate change mitigation, adaptation and the need to attract green financing has been central to all discussions. This comes amid concerns that Africa is disproportionately impacted by climate change yet the continent contributes less than five percent to global warming.
Yesterday’s discussions focused on sustainable green financing mechanisms for Africa with panellists comprising environment experts calling for the speeding up of mechanisms that can attract green financing as well as foster integration in the continent.
“Africa is the most impacted by climate change but least energised in the globe. We need to create tools and build capacity and make the continent climate resilient and attract finance,” said Mr Linus Mofor, the senior environment officer at Uneca.
Interim Chief Director for Climate and Meteorological Services in the Ministry of Environment, Climate and Wildlife in Zimbabwe, Mrs Veronica Jakarasi said capacity building, research, development and technology transfer, as well as establishment of data hubs was very critical in attracting green financing and addressing climate change.
“We need to increase green financing in Africa and come up with risk mitigation methods while also involving small to medium enterprises which make up the bulk of economy in Africa. We need critical data centres so that when investors come they know about investable projects,” she said.
Bongani Ndlovu