Africa’s green economy: Macro policy reforms must be socially inclusive

The concept of a green economy has gained widespread acceptance and traction since the global financial crisis of 2008.The concept of assembling economies, societies, education, and training to address climate change was reaffirmed at the 2015 United Nations Climate Change Conference (COP 21) in Paris, now known as the Paris Agreement.Key ingredients for successA green economy transition without the patronage of robust, operative and dynamic institutions will not lead to broad-based advancements that are socially all-encompassing, resource proficient and environmentally sustainable.Some key segments within the green economy are sustainable agriculture, renewable energy, water, sustainable transport and natural resource management.Foreign direct investments steered towards the green economy will not only meet the demands for electricity and sustainable agriculture but will also augment infrastructure that is socially inclusive.Policy reformsThis transition will make Africa less reliant on international fuel markets and much more efficient in international trade regarding carbon taxes.Carbon tariff policies seek to disincentivise fossil fuel use in industries and decarbonise trade.This could significantly constrain Africa&#039;s trade and slow industrialisation progress in the interim, but have long-lasting benefits for a green economy.Green fiscal policy reforms will improve fiscal outcomes in the long term; hence, governments may need to mitigate the impacts of green economy policies on vulnerable communities.Funding remains the principal obstacle to scaling up green economy investments.The onus rests with African governments to implement green fiscal policy reforms, which will aid economic outcomes but also boost the process of attracting green investment. When green investment reaches a particular scale, we should vigorously explore innovative investment means and areas that strive to achieve fiscal benefits while also bearing in mind environmental and social welfare, thereby endorsing viable development.For industrious green investment, the sequence of economic benefits needs to be shortened and the pace of green innovation must be accelerated and implemented. Africans must be actively involved within the value chain of innovative green technology, hence literally being part of the value-added process.At the same time, cooperation between sub-Saharan Africa through the African Continental Free Trade Area (AfCFTA) should be reinforced to augment the scale effect of green industry development and uphold the quality and efficiency of the overall economy.Creating employmentA growing youth populace in Africa, coupled with urbanisation, places pressure on African governments to generate new jobs.With around 70% of the population in Africa being under 30, an estimated 11 million youth are anticipated to join the labour market every year. This necessitates millions of trades to be created within the novice green economy, which will be at the frontier of driving industrialisation in the coming decades.Schools and universities in Africa must transform curricula to meet the needs of the green economy for sustainable industrial growth, and African governments should steer funding towards the education sector and prioritise skills and careers required for a green economy.Pioneering strategiesPublic and private sector investments in skills provision for green jobs must be aligned with and supported by sustainable development and other enabling policies. In the same vein, companies should require a more holistic standpoint that is supportive of a green economy.Sufficient and accurate data management relating to the green economy within African countries remains the pillar for creating a strong environment for government institutions to emerge and engage in an effective green economy. Both capacity-building and policy mainstreaming interventions must rely on up-to-date, precise information and data.A just transition into green industrial development cannot transpire without evidence-based policymaking; hence, data management becomes critical.A turnkey operation platform dealing with the interplay of sustainability and industrial development should also be established within African countries. Such a free and easily accessible platform would gather all relevant information related to sustainability and industrial development, such as available technologies per sector, available finance, incentives and support programmes, and current and upcoming decrees, conventions and criteria.A particular emphasis should also be put on pioneering business models in line with the development of a green and/or social economy. In the long run, systems for the co-development of policy by government, the private sector, labour and communities should be established. This should be aimed at facilitating social dialogue and would not need to be a formal system. Evidence-based research, aimed at levelling the playing field and building a common knowledge base, remains crucial for a socially inclusive, sustainable green economy.* Quinton Amen-Ra Chinuru Adolf is a Namibian author who has published two books: &#039;Social Entrepreneur&#039; and &#039;Thought Leader of Green Economy 4 Africa&#039;.

Africa’s green economy: Macro policy reforms must be socially inclusive

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Namibian Sun 2024-11-25

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Africa’s green economy: Macro policy reforms must be socially inclusive

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Namibian Sun 2024-11-25

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