Financing Africa’s urban development for a sustainable future

NEW DELHI: South Africa, Kenya, and Ethiopia require an investment of $280 billion to switch to using low-carbon alternatives and combating the effects of climate change in over 35 cities, stated a report published by the Coalition for Urban Transitions. The report, published on September 27, is titled ‘Financing Africa’s Urban Opportunity’ and was part of the organisation’s initiative to provide assistance to national governments leading to accelerated economic development and tackle climate change. 

The aforementioned three countries have a rapidly growing urban population with a significant share in the African continent (18%). The continent’s resources are being stretched beyond its limit as the area rapidly urbanizes and fights the aftermath of climate change, such as floods, droughts, and heatwaves. 

It is crucial for the sustainable development of Africa’s growing population to invest in clean technology and to plan climate-resilient urban development. The study suggests that the 35 major cities – 20 in Ethiopia, 11 in South Africa, and four in Kenya – should invest in cleaner technology and increase interstate coordination. This would lead to an overall benefit of $1.1 trillion by 2050, stated the report. 

Furthermore, the report mentioned the budgetary constraints along with high debt levels and poor creditworthiness faced by a sizable portion of the continent. It stated that in order to get across such barriers, strong leadership and support from national governments will be needed.