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Climate Transition in Emerging Economies

It’s no secret that a heavy reliance on commodities to build Africa’s economies has increased the continent’s carbon footprint. Although far less damage is caused by Africa than developed economies, the effects on health and the environment are felt worse here.The question asked in the Climate transition for emerging economies’ panel at the World Economic Forum in Davos, Switzerland is, how far is Africa and other emerging economies in the shift to renewable sources of energy? Standard Bank’s Chief Executive for Corporate and Investment Banking Kenny Fihla says, “The Minister’s remarks on finding champions for climate transition are aligned to our bank’s areas of investment. This transition to a low-carbon environment presents potential challenges across the continent, including job transition, skills shortages and training requirements as technology and public policy change rapidly. Our position is mindful of both the opportunities to partner with clients and stakeholders to support their climate transitions and the national climate commitments of the countries where we conduct business.”