Baku, Azerbaijan, 12th November 2024 – On the sidelines of the World Leaders’ Climate Action Summit at COP29, H.E. Wamkele Mene, Secretary-General of the AfCFTA Secretariat, delivered a keynote address at the Africa Green Momentum event, underscoring Africa’s commitment to harnessing renewable energy as a driver for sustainable industrialisation under the African Continental Free Trade Area (AfCFTA) framework.
H.E. Mene highlighted Africa’s unique position to lead a green industrial revolution by leveraging its vast resources and the AfCFTA’s unified market of 1.4 billion people and a combined GDP of USD 3.4 trillion across 48 ratified AU member states. He emphasised how AfCFTA integration reduces trade barriers, harmonises regulations, and facilitates the free movement of green technologies, laying the foundation for scaling renewable energy solutions and fostering sustainable development across the continent.
In addressing Africa’s green transition, H.E. Mene cited impactful initiatives such as the Accelerated Partnership for Renewables in Africa (APRA) and the Africa Green Investment Initiative (AGII), which have accelerated renewable energy deployment. He noted, however, that a substantial financing gap persists, with Africa receiving only 0.6% of the world’s renewable energy funding in 2021 despite having some of the world’s richest solar resources. To bridge this gap, the AfCFTA Secretariat is advancing innovative financing mechanisms, including green bonds, climate funds, and mobilising domestic capital in collaboration with Afreximbank and African pension funds.
H.E. Mene called on both international and African partners to support Africa’s green industrialisation efforts by aligning investments with sustainable goals. He highlighted the AfCFTA Adjustment Fund’s role in financing trade-enabling infrastructure and green projects, leveraging Afreximbank’s BBB rating to attract high-quality financing for impactful projects aligned with AfCFTA’s objectives.
In conclusion, H.E. Mene emphasised the importance of collaboration in driving sustainable growth, envisioning an Africa that not only participates in but leads the global green economy. He invited stakeholders to harness Africa’s renewable potential to build a resilient and prosperous future, reaffirming AfCFTA’s commitment to establishing a sustainable economic foundation for generations to come.
This event showcased Africa’s readiness to pioneer green industrialisation, reinforcing its commitment to climate resilience and sustainable industrial growth on a global stage.
