The African Development Bank (AfDb) said the size of Africa’s green growth market is $2.97 trillion. Kevin Chika Urama, chief economist at AfDb, said this in recent days during his presentation at the Mobilizing Private Sector Financing for Climate and Green Growth in Africa at the South Korean Institute for Economic Policy (KEIP) in South Korea, recalling that green growth is related to real gross domestic product (GDP) growth and climate resilience and underlining that between 2023 and 2024, half of the top ten fastest growing economies in the world will be in Africa.
Despite barriers to investment – particularly private investment – in Africa, including a share of just 0.2% (or $4.7 billion) – the lowest among world regions – in the cumulative issuance of green bonds estimated at $2.2 trillion globally between 2006-2022 and 6.2% ($123 million) in the $2 billion voluntary global carbon market, the pan-African expert however noted that Africa accounted for 41% of mixed finance between 2019-2021. Urama also drew the attention of foreign investors to Africa’s green investment opportunities in agriculture – whose market size is estimated at $1 trillion in 2030, energy ($1.03 trillion investment opportunity through 2030), ICT (a market projected at $104.2 billion in 2023) and transportation, with an expected annual growth in demand for electric vehicle batteries by 2030 of 22%. [Da Redazione InfoAfrica]
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