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Politics Briefing

Green Growth Needs Liquidity

Closing Africa's Climate Finance Gap

Green Growth Needs Liquidity

February 9, 2023

German Bundestag, Berlin

With Vera Songwe

While Africa has historically contributed less than 4% of global greenhouse gas emissions, the continent is the most vulnerable to the impacts of climate change. At the same time, the international community is starting to recognize Africa as a source and role model of green energy generation and an important guardian of biodiversity, asking countries to foster green growth and preserve natural habitats.

Global climate change adaptation towards a low-carbon economy requires extensive financial resources ($4–6 tn per year according to the Sharm el-Sheikh Implementation Plan), which affected countries cannot leverage on their own. In addition to existing adaptation and mitigation commitments, COP27 ended with a historic pledge by heavy emitters to set up a loss and damage fund for vulnerable nations.

Dr. Karamba Diaby, Dr. Vera Songwe, and Dr. Ingrid Hamm at Politics Briefing „Green Growth Needs Liquidity”

Economist Dr. Vera Songwe talks about how to unlock financial pledges and leverage climate finance for vulnerable nations

Dr. Karamba Diaby, Dr. Vera Songwe, and Dr. Ingrid Hamm at Politics Briefing „Green Growth Needs Liquidity”

Sustainable and effective climate finance draws from a multitude of financial instruments and incentives: reforming the international financial architecture and issuance of Special Drawing Rights, changing the narrative of Africa as an attractive investment destination, increasing the scale and scope of public guarantees, and enabling liquidity and affordable borrowing through concessional loans, credit ratings, grants, and access to Eurobonds and repo markets.

Central to the debates on climate finance at COP27 and beyond is a report by the Independent High-Level Expert Group, co-chaired by Dr. Vera Songwe, former Executive Secretary of the UN Economic Commission for Africa (UNECA) and current Chair of the Liquidity & Sustainability Facility (LSF). A renowned authority and leader in the field, Dr Songwe gives an input and recommendations on how to unlock financial pledges and leverage climate finance for vulnerable nations.

Contact Persons

Rhoda Berger, r.berger@globalperspectives.org

Sabrina Rupprecht, s.rupprecht@globalperspectives.org

Politics Briefing

Politics Briefing foster professional dialogue with policymakers. This format is aimed particularly at members of the Bundestag, but also at political actors in government, ministries or political foundations.

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The Global Perspectives Initiative (GPI) is a non-profit and independent platform based in Berlin, Germany. GPI works towards enhanced engagement and responsibility for sustainable development by German and European decision-makers and aims to strengthen African perspectives in policymaking.

To this end, GPI regularly brings together decision- makers from politics, business, civil society, academia and media to discuss new approaches, provide new impulses and raise awareness on the common opportunities and challenges the two neighboring continents are facing.

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