The Green Transition and the Investment Opportunity for Africa

IIEA Talks

In her address, Dr Songwe acknowledges that the bulk of the cost of the climate transition in many low- and middle-income countries will be borne by governments, with the private sector and Multilateral Development Banks playing a complementary role. Country platforms, transition plans and “Nationally Determined Contributions” (NDCs), in her view, should play a critical role in identifying priority financing needs and in coordinating global and domestic climate finance. She argues that Governments must use all levers to raise long-term affordable finance and create the fiscal space for investments needed to meet the challenge. A Green industrial strategy is the key to translating transition plans and NDCs into clear investment pathways for public, private and multilateral finance. About the Speaker: Dr Vera Songwe is Chair and Founder of the Liquidity and Sustainability Facility and a senior non-resident fellow at the Brookings Institution on Global Economy and Development. Songwe has led numerous efforts to bring greater prosperity to Africa, including as the former United Nations Under-Secretary-General and the Executive Secretary of the Economic Commission for Africa (ECA). Dr Songwe is also a global climate champion. She is the Co-Chair of the Independent High-Level Expert Panel on Climate Finance, where she has supported the government of the UK and Egypt for COP27 and also for Egypt and the UAE under COP28.