3 March 2023Niamey, Niger, 2 March 2023 - Africa needs a paradigm shift to deliver sustainable development by making a fresh commitment and increasing investment to realize the SDGs, the Economic Commission for Africa’s Deputy Executive Secretary and Chief Economist, Hanan Morsy, urged African states.
Analyses by the ECA show that Africa will need around $438 billion of adaptation funding by 2030. Apart from the threats of climate change, security threats were also undermining efforts to make lasting development progress. “A clear message from this forum is that we need to break the risk aversion associated with investing in Africa,” Ms. Morsy said, calling for region-wide crowding of the private sector, harnessing blended finance and mobilizing domestic resources through the “monetizing of natural capital.”
The three-day Forum underscored the need for accelerated investment in realizing the SDGs on clean water and sanitation; affordable and clean energy; industry, innovation, and infrastructure; sustainable cities and communities; and partnerships for the Goals.