Urama’s statements came during a panel discussion the Atlantic Council held on Friday to discuss the outcomes of the AfDB’s African Economic Outlook report 2022 that comes amid the ongoing global economic crisis and addresses its impacts on the continent.
A team from the AfDB Group led by Urama, reviewed the report and its key issues; mainly the climate action and the expected role of the upcoming Conference of Partners on Climate Change (COP27) scheduled in November in Sharm El-Sheikh.
"As we prepare for COP 27, honoring the 2009 $100 billion yearly climate finance commitment that high-income countries promised to developing countries will help to restore confidence that we are serious about climate change, even though it is not enough,” Urama stated.
During the session, Urama called for policy coordination and a more holistic approach to tackle climate change.
Deputy Assistant Administrator for Africa at the United States Agency for International Development (USAID) Tyler Beckelman said that the African Economic Outlook “cogently and convincingly captures the very real and urgent challenges to realizing a just energy transition in Africa.”
“Make no mistake the crisis is already here. Four failed rainy seasons in the Horn of Africa with a fifth likely to occur this summer is a direct result of a warming climate and sadly, it may become the norm,” Beckelman noted.
He added that the United States will ensure that its African partners have the ability and resources to develop the foundation for a sustainable and low-carbon economy that provides ample energy for growth.
“While the challenges are enormous, we see plenty of reasons to be optimistic. Sustained investments in adaptation and mitigation, through renewable energy and climate-smart land use practices, will help provide a pathway for African countries to develop innovative ways, building a more just and equitable future for people across the continent,” Beckelman explained.
Senior Director of the Atlantic Council Africa Centre Rama Yade said that it has become more important to look at Africa and climate change.
Released during its 2022 annual meetings held in Accra in May, the report raised its projections for Egypt’s real GDP growth to 5.7 percent in 2022, up from the 4.7 percent it expected in 2021, before slowing down to 5.1 percent in 2023.
The bank also raised estimations for Egypt’s real GDP growth in 2021 to 3.3 percent, up from 3.2 percent predicted a year earlier.
“Because Egypt has shown resilience to the crisis since 2020, its economic outlook is favorable with the government’s commitment to implementing the second phase of structural reforms, announced in May 2021,” the report explained.
The report said that due to rising global food prices, inflation is projected to rise to 7.1 percent in the current FY2021/22 and 7.3 percent in FY2022/23, mainly fueled by the Russia-Ukraine conflict.