Ahead of the 28th United Nations Conference on Climate Change (COP28), the African Development Bank Group has launched country-by-country economic reports to guide African policymakers’ discussions at the global event.
The new Country Focus Reports (CFRs) provide analysis and policy recommendations to strengthen countries’ active participation at COP28, which takes place in Dubai, United Arab Emirates, from 30 November to 12 December.
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The 2023 editions of the CFRs are expected to foster policy dialogue on macroeconomic performance and outlook and provide insights on mobilising private sector and natural capital finance to drive the continent’s climate resilience and green growth policies.
African Development Bank Group Chief Economist and Vice President Prof. Kevin Chika Urama said: “As countries prepare for COP28, the reports provide each African country with independent, verified analysis and recommendations for evidence-based negotiations during the global conversation on climate finance and green transitions.”
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By GlobalDataThe reports provide strategies of varying time frames that hope to accelerate African countries’ economic growth and build resilience to shocks. They provide governments and potential investors with up-to-date, accurate data to inform policy and investment decisions.
With climate change identified as one of the most pressing existential threats to Africa’s inclusive growth and sustainable development, the country reports will explore opportunities to leverage private sector resources and natural capital to close the climate finance gap. This, in turn, will support the transition to inclusive, strong, and sustainable green growth.
Preventing generalisations about Africa
The African Development Bank’s Acting Director of Country Economics, Ferdinand Bakoup, said the Country Focus Reports build on the 2023 African Economic Outlook report, launched in May, and the subsequent Regional Economic Outlooks. Bakoup commented: “The CFRs’ detailed country-level analysis and policy recommendations will impact policy design and future projects and programmes in African countries.”
Through these continental, regional, and country-specific reports, the African Development Bank Group seeks to reduce the information imbalances that result from generalising about countries across a very diverse continent.
The reports highlight how governments can strengthen macroeconomic performance and outlook and catalyse private sector and natural capital finance to support climate action and green growth initiatives in the country. These include green bonds, debt for climate swaps, green banks, blended finance, carbon markets and other innovative financing instruments.
