The managing director of the International Monetary Fund stated on Tuesday that investing in the low-carbon economy can generate jobs and that climate change can present “great prospects” for the African private sector.
“Africa is disproportionately affected by climatic events” such as droughts, floods and coastal erosion,” Kristalina Georgieva said.
Speaking in Egypt, which is hosting the the COP 27climate summit, Georgieva said this creates hunger, raises the risk of famine and even leads to insecurity “for the continent, but also for the rest of the world.”
Numerous presidents, thousands of diplomats, climate negotiators, business executives, activists, and journalists gathered in Sharm El-Sheikh, a resort city on the Red Sea, to participate in talks and negotiations that will last through November 18.
“Jobs in renewable energy are much more plentiful and better paid than the traditional jobs in coal mining,” Georgieva said.
Georgieva made her remarks after participating in an event with the goal of expediting adaptation in Africa, which was also attended by a number of notable African figures.
According to Patrick V. Verkooijen, CEO of the Global Center on Adaptation, Africa is lacking $40 billion in funding for adaptation.
According to Verkooijen, this “means loss of life, loss of livelihoods, and economic depreciation.”
Tuesday, as this year’s international climate negotiations in Egypt heard mounting calls for fossil fuel companies to help pay for the damage they have helped inflict to the globe, world leaders argued for firmer measures to combat global warming.
