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African Development Bank (AfDB)
Jun 19, 2022, 06:57 PDT

TUNIS, Tunisia, 16 June 2022 / PRN Africa / -- The African Development Bank Group hosted a workshop to explore securing a just transition in the developing world. The session, which took place during the World Bank's Innovate4Climate Conference, highlighted the importance of South-South cooperation .

Innovate4Climate 2022, organized by the World Bank, took place over three days, from 24-26 May and featured plenaries and workshops. The event provided a forum for practitioners to demonstrate how to achieve a resilient and low-carbon future. Participants came from Africa, the Middle East and the Caribbean. They included representatives of the private sector, government, civil society and the development sector. Miguel Rescalvo of Neyen Consulting, a climate and sustainability advisory services firm, moderated the discussion, which took place virtually on 26 May.

Kishan Kumarish, Head of the Minister of External Affairs Unit in the Trinidad and Tobago Ministry of Planning and Development, discussed the policy reforms that were introduced to incorporate more green sources of energy.

With a large oil-and-gas sector, the country has many workers that the transition will negatively impact. To mitigate these impacts, the government has incorporated renewable energy into energy efficiency technology to ease the transition for existing workers and create career opportunities. “We are not implementing a climate change or energy-only approach, but a holistic approach to transition toward a global paradigm shift, ” Kumarish said.

Hind Chawki, Head of Environmental, Social, and Governance Global Credit Markets West (AME, Europe, Americas) & Head, Financial Markets, Middle East North Africa & Pakistan at Standard Chartered Bank said climate-related transitions need to be financed. Citing rising debt, unemployment, the lingering impacts of the Covid-19 pandemic and other headwinds, she advocated for innovative and creative strategies to secure financing for the transition. Among the solutions she presented were carbon offset initiatives and ecosystem services.

Gareth Phillips, the African Development Bank's manager for Climate and Environment Finance, discussed some of the Bank's efforts to address challenges and opportunities around the just transition in Africa. He showcased the Bank's Just Transition Initiative, which is supported by the Climate Investment Funds. The initiative aims “to ensure that the Bank and its regional member countries design a just transition framework pertinent and suitable to address the challenges,” Phillips said.

Kidanua Gizaw, Senior Climate Finance Officer and coordinator of Climate Investment Funds at the African Development Bank highlighted the importance of an inclusive transition that will address inequality and empower women and other disadvantaged groups. Gender imbalances are evident, for instance, in the lack of access to clean cooking fuel, which predominantly affects women and children.

The Bank provides technical assistance, reskilling, and re-training programs to promote gender equity.

Click here for more information about the African Development Bank Just Transition Initiative.

SOURCE African Development Bank (AfDB)