Baku, 14 November 2024 (ECA) - As world leaders gathered at COP29, amid a flurry of ambitious pledges and somber warnings, one message stood out in a moment that captured the urgency felt by many: “The cost of inaction is far greater than the investment required to build a resilient and prosperous future for Africa.”
This call to action by Claver Gatete, United Nations Under-Secretary-General and Executive Secretary of the Economic Commission for Africa (ECA), underscored the bitter reality faced by a continent that suffers deeply from climate impacts despite contributing the least to global emissions.
With African economies already hemorrhaging an average of 5% of GDP - and up to 15% in some cases - annually due to climate disruptions, the stakes have never been higher.
Mr. Gatete laid out a five-step vision for transforming Africa from climate vulnerability to global leadership in green growth. These steps include leveraging Africa’s critical minerals for economic transformation, enhancing carbon capture through nature-based solutions, setting an ambitious target for the New Collective Quantified Goal (NCQG) for climate finance, accelerating Africa’s clean energy transition, and urging decisive global action to limit emissions.
A continent on the brink
Across Africa, the signs of climate change are glaring. Rising sea levels threaten the coasts of West Africa, prolonged droughts ravage East Africa, and unpredictable weather patterns upend agricultural cycles in regions where food security is already precarious. These changes come with a heavy price tag. In 2023 alone, climate-related disasters pushed an estimated 14 million Africans into poverty.
But this toll goes beyond economics. Climate disruptions are straining Africa’s healthcare systems, increasing food insecurity, and accelerating migration as people move in search of livable conditions.
“The daily realities grow worse for Africa,” said Mr. Gatete. “From infrastructure damage to health risks, the cost of these disruptions is mounting. We cannot afford to wait.”
Pathway to resilience
The first of the five pillars outlined by the ECA Executive Secretary focuses on leveraging Africa’s wealth of critical minerals - cobalt, lithium, manganese, nickel, and others - that are essential to the global clean energy transition. As demand for batteries and electric vehicles surges, Africa’s mineral resources could power not only its own development but also the world’s shift toward green energy. Mr. Gatete cited the Democratic Republic of Congo and Zambia’s partnership that can leverage the Africa Continental Free Trade Area to implement special economic zones for regional and global value chains for energy transition and race to net zero as a model, saying, “Africa can lead in clean energy production, create jobs, and promote sustainable economic growth.”
The second pillar is enhancing Africa’s carbon capture potential through nature-based solutions. Africa’s ecosystems, particularly the vast Congo Basin, are among the world’s most effective carbon sinks that need protection from increasing deforestation. Investments in afforestation and reforestation through properly structured carbon markets, backed by fair compensation for African countries, could yield up to $82 billion per year through high-integrity carbon credits, providing substantial financial returns while preserving biodiversity.
Third, the UN Under-Secretary-General highlighted the importance of a robust and ambitious target for the New Collective Quantified Goal (NCQG) for climate finance, noting that a proposed goal of $1.3 trillion per year called for by the African Group of Negotiators is in line with Africa’s NDCs that require close to $3 trillion for implementation.
While the NCQG is under negotiation, Mr. Gatete underscored the urgency of finalizing this target to reflect the scale of the challenges facing the continent. Public finance alone won’t be enough; unlocking private sector investment and reforming global financial structures to ease debt burdens will be crucial.
Clean energy: An unstoppable transition
His fourth priority is accelerating Africa’s clean energy transition. While Africa contributes less than 4% to global greenhouse gas emissions, it has the potential to become a global hub for renewable energy. With vast solar, wind, and hydroelectric resources, African nations could generate power at a lower cost than fossil fuels.
“The transition to renewable energy is unstoppable. With coordinated policies and investment, Africa can position itself at the forefront of the green economy,” Mr. Gatete noted.
However, the window for action is closing. The costs of renewable energy installations are falling, but so is the patience of African leaders. They have repeatedly called on wealthier nations to fulfill their climate finance commitments - a promise yet to be delivered on at the scale Africa needs.
The cost of inaction
At the heart of the ECA Chief’s message is a warning that failure to act now will cost far more in the long run. According to the Global Commission on Adaptation, every dollar spent on climate adaptation yields roughly four dollars in benefits, from reduced disaster recovery expenses to greater agricultural productivity. In Africa, where economies are particularly vulnerable, the return on investment could be even higher.
Consider the alternative. Without adequate investment in resilience, Africa will face a future of escalating disasters and economic setbacks. The region’s debt burden - already a barrier to growth - would only worsen, as countries are forced to borrow more to rebuild after increasingly frequent climate events.
But inaction is more than a missed opportunity; it’s a moral failing. Africa’s emissions are a fraction of those produced by wealthier nations. And yet, it is Africa that is bearing the brunt of climate change. Mr. Gatete’s plea for action is, at its core, a demand for climate justice and fulfillment of the core principles of the United Nations Framework Convention on Climate Change.
Shared responsibility
As Mr. Gatete spoke to an audience of political figures, business leaders, and activists, his message was clear: Africa cannot do this alone. Global partners must meet Africa’s commitment with action, not just words. “Every delay and every disinformation increases risks for us all,” he warned, calling for an end to “business as usual.”
The ECA, along with the African Union, the African Development Bank, and AUDA-NEPAD, is working to establish a more equitable system for climate finance. They aim to ensure that the financial architecture of the future is one that empowers Africa, rather than deepening its debt.
The Executive Secretary expressed hope for an Africa that doesn’t just survive but thrives in the face of climate change. An Africa where sustainable resources power industries. An Africa where young entrepreneurs lead in green technology. An Africa where climate finance enables development aspirations. All these are achievable “if the world acts now.”
For Africa, and indeed for the world, the choice is clear: invest in a resilient future today or pay an even higher price tomorrow. The question Mr. Gatete left hanging in the air at COP29 was whether the world is ready to heed this call.
Issued by:
Communications Section
Economic Commission for Africa
PO Box 3001
Addis Ababa
Ethiopia
Tel: +251 11 551 5826
E-mail: eca-info@un.org