Event: Sustainable infrastructure in African cities
Venue: Johannesburg, South Africa
Date: November 23 and 24
The Cities Climate Finance Leadership Alliance is hosting a regional workshop in Johannesburg on November 23 and 24, followed by one in Bangkok on November 26 and 27 ahead of the United Nations Cop21 summit in Paris. The workshops are presented in collaboration with the Executive Office of the UN Secretary General (EOSG).
African countries have therefore been urged to invest in proper, sustainable infrastructure over the coming decades to ensure prosperity not only for the continent but globally, Blended Capital Group CEO and special adviser to the Cities Climate Finance Leadership Alliance (CCFLA), Paul Clements-Hunt told Fin24 on Thursday.
“Cities worldwide need to have an upgrade on infrastructure to make them flexible to weather challenges due to climate change. For instance Bangkok and Johannesburg are vibrant cities in emerging economies. Both cities have millions of people relying on them and will be impacted by climate change in coming decades,” Paul said.
He added that investment in infrastructure is a long-term investment and can be a better move if the right strategies are put in place.
Referring to the basic scale of the investment opportunity Clement-Hunt said that there are 7.4 billion to 7.5 billion people on the planet of which 60% live in cities and this will increase to 70% over the coming decades.
Clement-Hunt said that cities account for a huge contribution to energy use and cited that it is paramount to integrate what people are already aware of.
“Both the private and public sector should play a role in the process,” He added.
“Long-term investment is key to the public sector and can draw on private capital too like annuity funds and sovereign wealth funds.
Given the nature of the Africa growth story, we need to build a sense that a multi-billion or trillion dollar in investment in African infrastructure is fundamentally a sound investment so we have to get the deep pools of capital.”
He emphasized that sustainable growth and vibrant communities would be created if private investment deals flow into smarter, safer and climate resistant cities.
“Investing in climate friendly infrastructure is the best possible long-term investment that can be made, “added Clements-Hunt.
The aim of the workshop is to acquire pledge from the finance and investment community to look into how they can mobilize trillions of dollars for long-term investment in collaboration with the UN.
