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EIN PRESSWIRE | NEWSMATICS


UNITED NATIONS ENVIRONMENT ASSEMBLY: THE AFRICAN DEVELOPMENT BANK URGES ACTION
FOR SUSTAINABLE PRODUCTION & CONSUMPTION




News provided by

EIN Presswire

Mar 05, 2024, 7:18 AM ET

AFRICA, March 5, 2024 /EINPresswire.com/ -- At the sixth United Nations
Environment Assembly (UNEA6), the African Development Bank has called for
African countries to take urgent, concrete measures to adopt circular economy
practices and boost efficient resource use for sustainable production and
consumption.

“Africa is brimming with potential for circularity and industrialization with a
market valued at $250 billion. Unleashing this potential requires creating the
right environment and policies for the private sector to lead the continent’s
industrial revolution”, emphasized Dr. Anthony Nyong, Director of the AfDB
Climate Change and Green Growth Department, ahead of the Bank’s participation at
UNEA 6.

As global leaders gathered in Nairobi to address the connected challenges of
climate change, biodiversity loss, and pollution, the African Development Bank
is underscoring the importance of efficient resource use through the circular
economy to address these pressing issues while also supporting Africa’s
sustainable industrialization.

The 2024 Circularity Gap Report , released in January 2024 by the Circle Economy
Foundation and Deloitte, highlights several data points that heighten the
urgency of action. For instance, in 2023 alone, 500 gigatons of materials
including freshwater, land, and minerals were consumed, representing 28% of all
materials used since 1900. As 83% of African countries rely heavily on their own
natural resources, this rapid depletion poses a major threat to the continent.

Collaboration is key for the African continent to leverage the benefits of
circularity and should therefore be prioritized at every level: “The Paris
Agreement emphasizes the need for global cooperation, with wealthier countries
providing support to lower-income countries in the form of financial resources,
technology transfer, and capacity-building. This is essential to aid their
efforts in mitigating and (crucially) adapting to climate change,” as stated by
the Circularity Gap report

Davinah Milenge, Principal Program Coordinator represented the Bank Group at a
side event hosted by the Global Alliance on Circular Economy and Resource
Efficiency (GACERE) on February 27. During the event, on the pivotal role that
financial institutions can play in accelerating the transition to circular
economies, Milenge reiterated the Bank’s commitment to drive the mainstreaming
of circular economy across Africa in line with the African Union Commission’s
Continental Circular Economy Action Plan 2024-2034.

The Bank Group has been actively working to advance circularity across Africa.
In 2022, it established the African Circular Economy Facility (ACEF), a
multi-donor grants trust fund that is mainstreaming the circular economy as an
inclusive green growth strategy in its regional member countries. ACEF has
supported Uganda, Benin, Chad, Cameroon, and Ethiopia in implementing a circular
economy roadmap and in enhancing government capacity. In 2024, ACEF's Business
Support Program is providing grants and technical support to a pilot group of 30
circular economy startups in Côte d’Ivoire, Rwanda, and Ghana.

ACEF also provides support to the African Circular Economy Alliance (ACEA), a
platform for African governments to spearhead circular practices in economic
development. The ACEA secretariat is hosted at the African Development Bank in
the Climate Change and Green Growth Department.

At UNEA 6, the African Development Bank, as a member of the Advisory board on
the development of the Global Circularity Protocol, also pledged support for
science-based, people-centered standards and metrics to advance the circular
economy as a lever for green and inclusive economic transformation on the
continent. The Global Circularity Protocol Advisory Board is a business-led
initiative spearheaded by the World Business Council for Sustainable Development
(WBCSD) and the One Planet Network (OPN).

Aina
ANDRIANALIZAHA
h.andrianalizaha@afdb.org
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NOTE: This content is not written by or endorsed by "WOWK", its advertisers, or
Nexstar Media Inc.

For inquiries or corrections to Press Releases, please reach out to EIN
Presswire.



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