Green growth investments good for Africa’s economy – AfDB

Investments into Africa’s green growth will help expand the continent’s economy, according to the African Development Bank (AfDB).

A recent report published by the AfDB showed that investments in green growth were not only good for the environment but are also advantageous to economic growth in Africa.

In a special article in the 11th edition of the Gender, Poverty and Environmental Indicators on African Countries, the AfDB argued that for Africa in particular, favouring environmentally sustainable policies provides a high return of investment.

The report stated that green growth 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,” the report added.

The Bank’s report was of the view that higher upfront costs and an undervaluation of their benefit to human welfare have dissuaded policy makers from choosing environmentally sound options.

The issue of green investments in Africa is expected to be discussed by stakeholders at the 2013 AfDB Annual Meeting coming off in Marrakech, Morocco starting May 27, 2013.

According to the Bank, stakeholders will discuss Africa’s transition to green economies, opportunities and challenges, under the conference theme of structural transformation.

Africa’s transition to green growth is also a key pillar of the AfDB’s strategy for 2013 – 2022.

By Ekow Quandzie