IMF calls for climate-smart investment in Africa

The International Monetary Fund’s managing director said on Tuesday that climate change can create “excellent opportunities” for the private sector in Africa, adding that investing in the low-carbon economy can create jobs.

Speaking in Egypt, which is hosting the COP 27climate summit, Kristalina Georgieva who is the IMF director said Africa is disproportionately affected by climatic events” such as droughts, floods and coastal erosion. She said this creates hunger, raises the risk of famine and even leads to insecurity not only “for the continent, but also for the rest of the world.”

She added that Jobs in renewable energy are much more plentiful and better paid than the traditional jobs in coal mining.

Georgieva’s comments came after she attended an event that aims at accelerating adaptation in Africa, which was attended by various prominent African figures.

World leaders are making the case for tougher action to tackle global warming , as this year’s international climate talks in Egypt heard growing calls for fossil fuel companies to help pay for the damage they have helped cause to the planet.