Green investments by the African continent, especially in the energy sector, needs to be a major building block in the foundation of a post COVID-19 recovery strategy.

William Lugemwa, Director of the Private Sector Development and Finance Division at the Economic Commission for Africa (ECA): “African countries should focus on green investments in energy for a green recovery in the aftermath of the deadly coronavirus pandemic. Placing investments in sustainable energy among the central recovery goals was critical.”

The COVID-19 pandemic has had a global impact on lives, livelihoods, and economies, forcing a recession on the continent for the first time in 25 years.

“With over four million confirmed cases and over 100,000 deaths in Africa, the impact of the pandemic in terms of job losses and economic recession at national and continental level is expected to be significant,” Lugemwa said.

Accessible, reliable, affordable and sustainable electricity will underpin more inclusive, economic and sustainable industrialisation across the continent.

At the 53rd Session of the Commission and 2021 Conference of African Ministers of Finance, Planning and Economic Development, the ECA Director also stated that the key elements for a better recovery and building forward better and faster were right policies, right finance and right investments.

For this reason, placing a green recovery at the core of all economic recovery strategies is increasingly seen as the best way for countries to rejuvenate their economies.

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Source: EsiAfrica