A new report released by the African Development Bank (AfDB) shows that investments in green growth are not only good for the environment but are also advantageous to economic growth.
In a special article of the 11th edition of the Gender, Poverty and Environmental Indicators on African Countries, the AfDB argues that for Africa in particular, favoring environmentally sustainable policies provides a high return of investment.
Green growth, the report argues, helps Africa overcome its particular challenges. It results in better management of natural resources, less dependence on imports, more food security, better resilience to natural disasters and cut energy and infrastructure costs, according to the report. Higher upfront costs and an undervaluation of their benefit to human welfare, the paper argues, has dissuaded policy makers from choosing environmentally sound options.
Africa’s transition to green growth is a key pillar of the AfDB’s strategy for 2013 – 2022. It envisages strong, sustainable and green growth by protecting livelihoods, improving food security, while promoting better long term use of natural resources and enhancing innovation and job creation.
At its upcoming Annual meeting, stakeholders will discuss Africa’s transition to green economies, opportunities and challenges, under the conference theme of structural transformation.
African economies are experiencing remarkable economic growth in recent years but it has not benefitted the people in terms of employment opportunities or lifting them out of poverty. The AfDB is helping to make African economies more inclusive by investing in human capital and infrastructure and helping countries add value to manufacturing, build agri-business and fostering knowledge based economies.