COM2024 focuses on green economies, home-grown solutions

The 42nd meeting of the Committee of Experts of the Conference of Ministers of Finance, Planning and Economic Development (COM2024) kicked off in Victoria Falls, Zimbabwe on February 28, 2024.

The theme of the annual ECA Conference of Ministers, hosted by the Government of Zimbabwe, was “Financing the transition to inclusive green economies in Africa: Imperatives, opportunities, and policy options.” The conference ran from February 28 to March 5, 2024.

A call for Green Transition and investment

Professor Mthuli Ncube, Zimbabwe’s Minister of Finance, Economic Development, and Investment Promotion, highlighted Africa’s underutilised resources.

He pointed out that with vast amounts of potentially irrigable land and water bodies, the continent could achieve food security with investment in advanced irrigation technology and climate-proof agriculture.

Prof Ncube emphasised the need to finance the transition to green economies with international support and investment in renewable energy sources.

Global Challenges and African Solutions

Antonio Pedro, deputy executive secretary at the ECA, acknowledged the worsening global situation of economic fragility, climate change, conflict, and distrust.

He stressed that Africa needs to accelerate the adoption of just and sustainable transitions, requiring long-term structural changes and adequate investment.

Pedro emphasised Africa’s potential to create its own solutions and the importance of collective action, including continued efforts to reform global systems.

Building a more resilient Africa

Rebecca Otengo, the outgoing chair of the Conference of Ministers and Ugandan ambassador to Ethiopia, called for implementing the African Continental Free Trade Area (AfCFTA) to facilitate the free movement of people, goods, and services.

She also noted the need for additional financing mechanisms to meet growing demand and boost economic growth. The ECA deputy executive secretary outlined five key transformative areas for Africa’s development:

Transforming food systems: Prioritising regional value chains, de-risking investment, and implementing the AfCFTA to improve food security.

Enhancing energy access and affordability: Embracing a transition to affordable renewable energy by leveraging solar, wind, geothermal, and green hydrogen resources.

Bridging the digital divide: Increasing digital connectivity and inclusion to allow Africa to take full advantage of the digital age.

Transforming education systems: Conducting foresight analysis to inform the transformation of education curriculums to meet future needs.

Creating jobs and enhancing social protection: Implementing comprehensive industrial policies and private sector development strategies to create jobs for youth and improve the transition from school to work.

Addressing climate change: Taking bold action on climate change, biodiversity loss, and pollution, as outlined in the Nairobi Declaration.

The Committee of Experts meeting concluded on March 1, followed by side events on March 2 and 3. The Ministerial Segment wrapped up the conference on March 4 and 5, 2024.-ebusinessweekly