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The African Development Bankwww.AfDB.org) joined public and private sector actors in Nairobi this week to discuss the implementation of circular economy policies, and action plans in Africa. Highlights of the side event included the announcement that Morocco will join the African Circular Economy Alliance.
The side event on accelerating a just shift to a circular economy was held in Africa on 28 February at the fifth session United Nations Environment Assembly (UNEA 5.2). It was jointly organized by the African Development Bank, and the UN Environment Program.
The event was in line with the main theme of the assembly, Strengthening Actions For Nature to Achieve Sustainable Development Goals. It helped members to understand the importance and opportunities for the circular economy transition.
Al-Hamndou Dorsouma (Official-in-Charge, Climate Change and Green Growth, African Development Bank) presented on the Banks support of mainstreaming the circular economic model as a development strategy in Africa. He said that the Bank is a development finance institution and aims to make the proof-of-concept of the circular economy as an acceptable business model. The Bank has just launched its new climate change strategy framework (2021-2030), which includes the circular economy as one its most prominent initiatives.
The panel’s diverse experts agreed on the importance and value of the private sector. Barbara Creecy, South Africa’s Minister of Environment, Forestry and Fisheries, stated: We are concerned about plastic waste and how it impacts the environment and ultimately our oceans. We knew that the circular economy must be implemented in partnership with the private sectors if we are to make it a success.
The benefits of scaling circular practice to African countries were also acknowledged by the speakers, particularly in tackling the triple crisis of climate change, biodiversity loss, pollution. They stressed the need for regulation of informal activities, which is where most waste management activities are currently located, and the importance to create conducive regulatory environments and support greater access to finance to derisk investments.
Virginijus Sinkeviius (European commissioner for environment, fisheries and oceans), highlighted the African Circular Economy Alliance, whose secretariat is housed by the Bank, and as a platform for promoting cooperation, knowledge sharing, and technology transfer. Dr. Leila Beali, the Minister of Energy Transition and Sustainable Development of Morocco shared this sentiment. The circular economy is a strategic asset that we have identified in our national strategy. We are looking forward to becoming a new member of the ACEA.
Although circular principles have been used in African customs for many generations, there are more opportunities to harness them as a development strategy for improving livelihoods and reducing poverty. The implementation of Nationally Determined Contributions (under the Paris climate accord) presents a $3 Trillion market opportunity between now- 2030.
Distributed by APO Group for African Development Bank Group (AfDB).
Contact:
Gershwin Wanneburg
Communication and External Relations Department
African Development Bank
email: [email protected]
About the African Development Bank Group
The African Development Bank Group (AfDB) is Africa’s leading development finance institution. It consists of three distinct entities: The African Development Bank (AfDB), Africa Development Fund (ADF), and the Nigeria Trust Fund. The Bank is present in 41 African countries and has an external office in Japan. It contributes to the economic growth and social progress of its 54 member states. For more information, please visit: www.AfDB.org
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