Although the world is today facing critical challenges, there are great opportunities for Africa to be a leader in countering climate change. So affirmed Côte d’Ivoire-based African Development Bank (AfDB) Climate Change and Green Growth Department director Anthony Nyong. These opportunities include renewable energy, energy storage and sustainable finance. (He was delivering a keynote address at Africa’s Green Economy Summit, being held at the Century City Convention Centre, in Cape Town, on Tuesday.)

Africa, he highlighted, was committed to the net-zero carbon emissions process. For the continent, the transition to sustainability could create new technologies, new industries, and unlock social and economic benefits for future generations.

“I am happy to say that the AfDB was one of the early pioneers in transitioning Africa to a green economy,” he stated. “Africa will continue to remain relevant.”

In the process of supporting Africa’s transition to the green economy, the AfDB had learnt some lessons.

“First, we must scale up energy,” he stressed. The continent suffered from a shortage of energy, despite its huge renewable power potential. The AfDB was supporting solar energy, for example its Desert to Power project in the Sahel region (to create 10 GW of solar energy capacity, to supply 250-million people, in 11 countries, with electricity).

“Second, climate finance and green investment must be enhanced.” Currently, Africa received less than 4% of global climate finance. Public investment banks and multilateral investment institutions had to be “liberated” to invest in green energy, sustainability and climate adaption. And the private sector was very important. Africa should create an enabling environment for private sector green investment.

It was also very important to empower African small and medium-sized enterprises. The AfDB had created a fund specifically to support women-owned businesses, because of the special problems women faced. The bank was also supplying heat- and drought-resistant crops to farmers, which was resulting in increased agricultural production.

“Africa has a growing population, with a median age of 19,” he pointed out. “It could be an asset or a liability. The AfDB has decided to make it an asset.” The bank had created a financing line for youth-led businesses.

The transition had to be just. There would be “casualties” in the process, he cautioned. Those casualties had to be minimised.

“Let us commit to bold actions,” he asserted. “The time for pilots [projects] is over! Africa must lead the way in shaping a green and resilient future!”