ADDIS ABABA -Financial Sector Deepening (FSD) Africa commended Ethiopia’s Green Legacy Initiative (GLI) and expressed keenness to support the country in achieving Climate-Resilient Green Economy.
FSD Africa Chief Executive Officer Mark Napier told The Ethiopian Herald that Ethiopia’s exertions in climate change mitigation are clear, and the country is exerting efforts to achieve Climate-Resilient Green Economy (CRGE).
The sector needs collaboration and the investment required, particularly in climate finance, is substantial. He emphasized the commitment needed to achieve these goals and highlighted Ethiopia’s crucial role in the Nationally Determined Contributions (NDC), contributing 50 percent of the country’s targets.
Napier stated that Ethiopia has set clear objectives in forestry, land use and livestock management, which is essential for ensuring sustainable development and also contributing to the nation’s long-term effort of creating prosperous nation.
Praising Ethiopia’s progress in combating the precarious impact of climate change, he called for greater private sector involvement to close the climate finance gap. Africa currently receives far less climate funding than other regions, he indicated.
“I think it could do better at mobilizing more international finance but at the moment the track record of mobilizing international climate finance is quite poor.” The Ethiopian government has lots of commitment and it is important for the government to lean on the private sector to invest in the green economy through sectors like energy, according to the CEO.
For many years, Napier stated that FSD Africa has been providing technical and other supports and is very keen to back the greening of Ethiopia’s financial system and looks forward to collaborate with FSD Ethiopia.
Finance Minister Ahmed Shide said that the Green Legacy Initiative (GLI) plays a significant role in restoring degraded lands and reducing carbon emissions, calling for greater cross-sector collaboration with international partners to ensure a sustainable economy.
Ethiopia is working on overcoming challenges related to climate change and is committed to achieving its ambition of building a resilient green economy. The country faces challenges ranging from devastating droughts to erratic rainfall, which continue to affect local communities. However, the Minister noted that the nation remains steadfast in its commitment to becoming a climate-resilient green economy by 2030.
“Climate change is one of the urgent challenges of our globe and it has a profound implication for Ethiopia’s development aspirations. The erratic rainfall, prolonged drought and environmental degradation have jeopardized the food security and economy, hindering the country’s development trajectory. Ethiopia’s vulnerability to climate change is undeniably and we remain steadfast.”
Ahmed emphasized Ethiopia’s unwavering commitment to combating climate change and building a sustainable future. “A shining example of our commitment is GLI, by rallying millions of Ethiopians, we have planted over 36 billion trees, reversing deforestation and conserving biodiversity,” he stressed.
Ethiopia’s efforts, grounded in the Climate-Resilient Green Economy (CRGE) strategy launched in 2011, have positioned the country as a leader in integrating climate resilience and sustainability into national development programs. Ethiopia made remarkable progress developing long term carbon emissions reduction and other policies, he noted.
BY HAILE DEMEKE
The Ethiopian Herald December 25/2024
