The DBSA Champions Africa's Climate Agenda at COP29

Johannesburg, 7 November 2024 - The importance of development finance institutions (DFIs), such as the Development Bank of Southern Africa (DBSA), at COP29 in Baku, Azerbaijan, from 11 to 22 November cannot be overstated. Our presence is crucial in addressing the unique challenges and opportunities faced by Africa in global climate discussions. The role of DFIs in shaping global climate action is vital, especially in ensuring that Africa's specific needs are considered in high-level conversations. As a continent already bearing the brunt of climate change, Africa requires tailored solutions that address both environmental concerns and socio-economic realities. The DBSA's participation at COP29 reinforces the Bank's commitment to driving an agenda that prioritises Africa’s future, ensuring sustainable growth, social equity, and environmental stewardship.

COP29 offers a pivotal platform for the entity to advocate for Africa's path toward a net-zero future. The continent is uniquely positioned to lead in the global renewable energy space, given its vast natural resources such as solar and wind energy. However, achieving net-zero emissions requires a collaborative effort, bringing together governments, businesses, and local communities. The Bank’s participation in COP29 will drive policies that align climate action with social equity, ensuring that the benefits of a low-carbon economy reach every part of the continent. This strategy in addition to protecting the environment also stimulates economic growth, enhances public health, and improves the overall quality of life for Africans.

At the heart of this green transition is the need for substantial investment in climate finance, a role that the Bank and other DFIs are well-positioned to fulfil. Mobilising financial resources for climate adaptation, renewable energy projects, and sustainable infrastructure is essential to unlocking Africa’s potential in the green economy. By focusing on climate-sensitive investments, the DFI is paving the way for economic development, from green jobs in renewable energy to community-led conservation efforts. These investments are driving not only economic growth but also ensuring Africa’s resilience against climate challenges.

The significance of COP29 cannot be overstated. It represents a pivotal moment to align global efforts with Africa’s specific needs and opportunities. The entity’s role in these discussions is essential to shaping a just and sustainable future for the continent.

“By championing an inclusive green growth economy, a Just Transition, and the mobilisation of climate finance, the DBSA is ensuring that Africa’s voice leads the charge towards a future where people and the planet thrive together, said DBSA delegation lead; Mpho Mokwele, Group Executive: Transacting.

“Participation at COP29 will help solidify a path that not only mitigates the effects of climate change but also builds a resilient and prosperous Africa for generations to come,” he concluded.

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