Should Africa be asked to cut back emissions?

Africa's natural resources already contribute greatly to the world's green transition, while the continent has only contributed a mere 7 per cent to global emissions, CNBC Africa spoke to the President of the Climate Overshoot Commission, Pascal Lamy, regarding Africa's role in cutting back emissions and the challenges and opportunities it faces. Lamy emphasized the need for a differentiated approach towards emissions reduction, highlighting the principle of common but differentiated responsibilities as outlined in the Paris Agreement. He acknowledged that poorer countries, especially in Africa, should have a longer time frame to adjust and decarbonize their economies compared to wealthier nations. Lamy pointed out that while Africa has significant natural resources that can aid in the global green transition, it also needs investments to adapt to climate change and mitigate its negative impacts. Additionally, he stressed the importance of creating economic incentives for Africa to monetize its natural capital in carbon removal and absorption. However, Lamy noted the tension between the need to transition away from fossil fuels and the existence of fossil-based projects in Africa financed by richer nations and big companies. He emphasized the importance of individual countries deciding on their fossil fuel exploitation based on their circumstances. The issue of debt financing for green projects in Africa was also raised, with Lamy hinting at the upcoming New Climate Financial Finance Pact summit in June where recommendations on financing green transitions without increasing debt levels will be discussed. The Commission will provide further recommendations after the summit. In conclusion, Africa's journey towards cutting back emissions presents both challenges and opportunities, with a need for tailored approaches, increased investments, and a balance between environmental goals and economic realities.