The eighth Babacar Ndiaye Lecture held in Washington D.C, highlighted the pressing need for African nations like Kenya to navigate the delicate balance between immediate development needs and long-term environmental sustainability.
Themed “Saving Lives Today versus Saving the Planet for the Future: Can the AfCFTA Resolve the Climate Change Dilemma?”, the event gathered policymakers, academics, financial experts, and climate advocates to discuss the African Continental Free Trade Area (AfCFTA) as a potential catalyst for both economic growth and ecological stewardship.
In his opening remarks, Professor Benedict Oramah, President of Afreximbank Group, paid tribute to Dr Babacar Ndiaye, emphasizing his concerns about climate change's existential threat to development in Africa. “Climate change is the greatest threat to development, particularly in Africa, where millions depend on the environment for their livelihoods,” Oramah quoted Ndiaye, stressing that Africa’s economic transformation hinges on addressing climate issues.
Babacar Ndiaye, a former president of the African Development Bank (AfDB) died in 2017. As a seasoned Pan-African economist, Ndiaye is recognized for the momentum he gave to the continent’s economy during his decade in charge at the AfDB.
In his speech, Oramah criticized the global climate discourse for its lack of focus on Africa’s specific challenges. He pointed out that calls for decarbonization overlook the continent's unique circumstances, where over 600 million people lack electricity. He underscored that the AfCFTA could significantly reduce carbon emissions by promoting local industrial activities and minimizing reliance on distant supply chains.
Professor Yemi Osinbajo, former Vice President of Nigeria, in his speech, outlined how the AfCFTA could reshape Africa’s trade landscape. He highlighted that 42 per cent of African nations have enacted laws to ban the export of unprocessed raw materials, ensuring that local industries benefit economically from value addition.
Osinbajo noted that the current practices of exporting raw materials for processing abroad contribute significantly to carbon emissions. He emphasized that a shift towards intra-African trade in finished goods could mitigate these emissions while bolstering local economies.
Drawing on empirical studies, Osinbajo discussed a recent report indicating that the AfCFTA could boost intra-African trade by 35 per cent by 2045, increasing greenhouse gas emissions by less than 1 per cent compared to scenarios without the agreement.
Dr Rania A. Al-Mashat, Egypt’s Minister for Planning, echoed these sentiments, highlighting Africa's disproportionate burden in financing climate change adaptations despite being the least responsible for global emissions.
In her Goodwill Message, UN Deputy Secretary-General Amina J. Mohammed warned of the rapidly closing window to mitigate climate change impacts, emphasizing the need for accessible financial resources to empower African economies and drive renewable energy initiatives.
“This collective action through the AfCFTA can foster regional integration and green industrialization, ultimately building climate-resilient economies,” Mohammed asserted.
The Babacar Ndiaye Lecture serves as a platform for addressing Africa's development challenges through dialogue and policy exploration, honouring Dr Ndiaye's legacy in advancing the continent’s economic growth.
