These African Countries Can Earn Billions from Climate Tech – World Bank
Climate stands as a challenge as well as a potential source of revenue for Africa
A recent report by the World Meteorological Organization (WMO) shows that Climate change contributed to increasing food insecurity, poverty and displacement in Africa last year. While Africa accounts for only 2-3% of the world’s carbon dioxide emissions, it is projected that any further emissions from the continent will push global warming beyond two degrees, which would be catastrophic.
As Africa juggles the economics of emerging climate change, the World Bank’s issues its Africa’s Pulse report highlighting the continent’s potential to control the impact and boost revenue by adopting tech-driven climate change solutions.
According to the report, three African countries, South Africa, Kenya and Ethiopia can generate billions of dollars from investing in smart cities which are more compact, safe and networked.
“In a region where much of the infrastructure, cities, and transportation systems are yet to be built, investments in climate-smart infrastructure can help cities create jobs”, reports the World Bank.
The projections show that an investment of $215 billion in South African smart cities will generate the highest revenue of $700 billion, creating 120,000 jobs by 2050. South Africa is the most industrialised economy in Africa and the continent’s third-largest.
A climate adaption invesment of $42 billion in Ethiopia would generate $240 billion and create an average of 210,000 new jobs. The AfDB highlights that Ethiopia’s economy grew by 6.1% in 2020, down from 8.4% in 2019, largely because of the COVID–19 pandemic.
A $27 billion investment in Kenya’s climate change adaptation could return $140 billion in profits, with 98,000 new jobs. According to the World Bank, Kenya’s economic growth averaged 5.7%, making it one of the fastest growing economies in Sub-Saharan Africa.
“Financing climate change adaptation in Sub-Saharan Africa is essential, and policies to mobilize resources are critical to create more, better, and sustainable jobs”. states the report.
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