Despite the fact that climate change is a global issue, national and, occasionally, subnational governments adopt programs to limit greenhouse gas emissions.
Domestic political support for collaboration is necessary for progress in climate change negotiations, but significant polluters worldwide haven’t done much to slow down global warming so far.
There are undoubtedly aspects of the economy, such as power and mobility, and transportation systems, that directly cause greenhouse gas emissions.
The road to net-zero emissions is paved with difficulties. In order to avoid an even more difficult shift in the future, leadership must recognize the dangers and commit to change today.
Dr. Donald Kaberuka, Chairman of the SouthBridge Group and former President of the African Development Bank Group, shared insights on how the world, and more specifically, Africa, can work towards net-zero emissions during the Global Economic Ideas Festival 2022, hosted by the Institute of Certified Chartered Economists (ICCE).
The ICCE provides the world’s foremost and most prestigious Chartered Economist qualification.
According to Dr. Kaberuka, the first step is to close the continent’s energy poverty gap. This, according to him, will require more innovative financing than what we have seen in the recent past.
“I want to focus on what’s critical for us as Africans, which is playing our part in getting to net zero emissions. We must keep in mind that over 600 million Africans are living in energy poverty. He said.
“𝐼𝑡’𝑠 𝑝𝑜𝑠𝑠𝑖𝑏𝑙𝑒 𝑡𝑜 𝑎𝑐ℎ𝑖𝑒𝑣𝑒 𝑛𝑒𝑡 𝑧𝑒𝑟𝑜 𝑖𝑛 𝐴𝑓𝑟𝑖𝑐𝑎. 𝐵𝑢𝑡 𝑓𝑖𝑟𝑠𝑡, 𝑤𝑒 𝑚𝑢𝑠𝑡 𝑎𝑑𝑑𝑟𝑒𝑠𝑠 𝑡ℎ𝑒 𝑖𝑠𝑠𝑢𝑒𝑠 𝑜𝑓 𝑒𝑛𝑒𝑟𝑔𝑦 𝑝𝑜𝑣𝑒𝑟𝑡𝑦 𝑖𝑛 𝑚𝑎𝑛𝑦 𝑐𝑜𝑢𝑛𝑡𝑟𝑖𝑒𝑠 𝑜𝑛 𝑡ℎ𝑒 𝑐𝑜𝑛𝑡𝑖𝑛𝑒𝑛𝑡.”
He reiterated the critical and leading role that wealthy nations must play in reducing emissions and getting the world to net zero.
“Secondly, we need to address what’s called a just transition.” Wealthy countries have to do the heavy lifting in terms of reducing emissions and getting to net zero. They have the means to do so, beginning with reducing subsidies on carbon.
“We can all work together to get to net zero, but it has to be through a practical, equitable trajectory that puts a lot of the frontload burden on wealthy countries while giving low-income countries the opportunity to work towards net zero while doing so while reducing energy poverty.”
The Global Economic Ideas Festival is the annual global conference hosted by the ICCE.
The Festival brings together world leaders from top economists, leading researchers, ministers of states, private sector business leaders, central bankers representatives from civil society organizations, academics, and thought leaders to drive conversations on how to shape the world economy.