Seychelles participates on AfDB Panel Discussion on Climate Change and Economic Growth
June 25, 2021
The Minister for Finance, Economic Planning and Trade, Naadir Hassan has participated in a Panel Discussion on ‘Climate Change and Green Growth in Africa.’
The discussion organised by the African Development Bank (AfDB) was held virtually on Thursday 24th June 2021.
The event focused on how Africa can rebuild after the COVID 19 Pandemic, but this time, recovery should be on how to make the continent more resilient to climate change and promote green growth.
The panelists agreed that this is a combine effort and the role of the private sector in the development of green growth is necessitated in identifying and sustaining solutions to repair the economic devastation of the COVID 19 pandemic.
Minister Hassan noted that ‘greater awareness needs to be created among the private sector, when it comes to climate adaptation and green growth.’
“This effort is one which should be a win/win for everyone. It should not be just a government effort, but a national and global one where partnership is created.”
He gave examples where the private sector in Seychelles is actively participating in the development of green growth and climate adaptation, as finance is currently available through the Blue Grants Fund and the Seychelles Blue Bond- two innovative solutions to mobilise funds in this sector.
While all panelists acknowledged the difficulty to mobilise financial resources to go towards climate change adaptation and green growth, they have nonetheless welcomed the initiative of the African Development Bank, AfDB, to set up the Africa Adaptation Acceleration Programme.
The Programme was officially launched early this year, with the aim of mobilising $25 billion to assist and support climate change adaptation actions across all the countries of Africa.
It is a joint initiative between the African Development Bank and the Global Center on Adaptation. AfDB has pledged $12.5 billion towards this programme.
They concluded that with the right policies and strategies and availability of funds will help to stimulate and support green growth, create jobs and opportunities and build greater resilience against climate change on the continent.
“Small island states, such as Seychelles, will be devastated by climate change, the need to invest more in climate adaptation and promote green growth is a matter of survival. Right now, we have the momentum. It is just a matter of making it happen,” said Minister Hassan.
The panelists have expressed their hope that more funds can be made available by developed countries during the COP 26 Summit due to be held in Glasgow, in November of this year.
Other members of the panel included representatives from Gabon, Norway, Canada, and the Global Center for Adaptation.
Other guests who spoke during the event were the former Secretary General of the United Nations, Ban Ki moon, in his new capacity as President of the Global Green Growth Institute, Amina Mohammed - Deputy Secretary-General of the United Nations and Chair of the United Nations Sustainable Development Group, and Yannick Glemarec, the Executive Director of the Green Climate Fund.
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