Minister of State at the Ministry of Finance, Mohammed Amin Adam, has emphasised the need for Africa’s political environment to remain stable for policy consistency toward climate prosperity.
In remarks delivered on behalf of the Minister for Finance, Ken Ofori-Atta, at the maiden Africa Climate Summit currently being held in Nairobi, Kenya, Dr. Amin Adam shared that recent political unrest in some parts of the continent has been detrimental to regional efforts to tackle climate change.
He opined that the time is right for Africa to guard itself against acts that undermine regional stability and cooperation, and forge ahead to tap into abundant opportunities for growth and development.
Speaking at the Summit on the topic ‘Creating a Supportive Policy Environment to Attract Green Foreign Direct Investment’, Dr. Amin noted that policy consistency is an essential element in the continent’s pursuit of investment financing.
He disclosed that conflicts and political instability in one country could have negative effects on neighbouring countries’, regardless of how strong individual economies appear to be. Such spillover effects, he indicated, could significantly affect the flow of foreign investments into the region.
‘’Overall, conflict in Africa can have far-reaching and complex consequences for international investment and regional economic development. It is critical for governments, corporations and other stakeholders to collaborate in order to address the core causes of conflict and create stability, security and prosperity,’’ he charged.
The 2023 Africa Climate Summit is being organised under the auspices of the African Union, with the theme ‘Driving Green Growth and Climate Finance Solutions for Africa and the World’.
The Summit also serves as a rallying call for climate stakeholders on the continent to mobilise in the lead-up to the UN Climate Change Conference, COP28, slated for December 2023 in Dubai, UAE.