DPM, FM Demeke calls on global actors to support Africa’s climate action through financing

Addis Ababa, February 20, 2023 (FBC) – Deputy Prime Minister and Foreign Minister, Demeke Mekonnen extended his remarks at the African Business Forum 2023. He said the forum has facilitated opportunity to deliberate on Topics that have strategic importance to our continent.

“African countries register low level of Carbon emissions. Yet we bear much of its consequences. We must urge global actors to support Africa’s climate action through financing. We must also seek new instruments that will help us to meet greenhouse gas emission reduction and national renewable energy targets,” he noted.

Demeke outlined that the carbon market can be one mechanism that can help African nations inch closer to achieve their climate targets and garner energy investments.

“It is evident that the demand for the voluntary carbon market is increasing rapidly. If conducted properly and in transparency, Africa’s role in carbon market can yield positive results,” he explained.

“It can contribute to the continent’s sustainable economic and energy transformation. Our national development plan should align with the climate target of the African Union’s agenda 2063 and 2030 Sustainable Development Goals.”

“In Ethiopia, achieving climate resilient green economy is a key pillar of the country’s 10 year development plan. We are working to reduce carbon emission through updated nationally determined contributions. This aligns with the Paris Agreement’s term to limit the increase to 1.5 degree Celsius,”

Furthermore, he said, Ethiopia has also prepared to a long term low emission development strategy. “The goal is to put Ethiopia on a path to net zero emission by 2050. The National Green Legacy Initiative is also contributing to the carbon emission reduction,” Demeke added.

“The Government of Ethiopia encourages private sector engagement in its national renewable energy target. To this end, our homegrown economic reform has put in place investment incentives package to attract more private and concessional climate financing,” Demeke said.

Ethiopia is working to diversity and transition to full green energy sources, the Deputy Prime Minister and Foreign Minister indicated, highlighting nation’s focus on hydro, geothermal, wind and solar energy with the goal of achieving universal access by 2030.

Demeke further called up on the private sector to make use of the available incentive packages and the untapped investment potential in renewable energy sector in Ethiopia.