Minister Tweah: “The bank can also help Africa develop its carbon market.”
Finance and Development Planning Minister, Samuel Tweah has expressed the need for the Asia Infrastructure and Investment Bank (AIIB) to focus on climate and smart agriculture for Africa’s potential. Doing this, he said, will enhance economic growth and development on the continent.
He made the disclosure at a one-day virtual business roundtable on Climate Finance meeting, via Zoom on Tuesday. The meeting was held ahead of the COP26, which is scheduled for this weekend in Glasgow, Scotland.
Minister Tweah lauded the AIIB for the country’s admission to the bank in 2020 and went on to convey President George M. Weah profound greetings to bank executives for the level of cooperation.
He explained that Africa is working with the bank in developing potentials that would diversify economies on the continent. Liberia, he told the panel, has a green economy with the largest reserve for the upper equatorial forest region in West Africa.
He revealed that the post COVID era will bring about challenges, especially in the short term, due to constraints regarding resources. The Liberian financial chief noted that the AIIB needs to focus and turn Africa around, in order for Africa to become the net food producer and consumer.
“The bank can also help Africa develop its carbon market. This is the shape that is needed to move from green form to carbon market, stem and conservation’’ he explained.
According to him, Liberia has a comparative market advantage; adding that the country is optimistic about working with the bank on green forest and climate change. He said, “This is where Liberia has a comparative market advantage and we are looking to work with the bank in that area”.
However, he disclosed that the “Report” shows that the world is going to miss the target of 1.5 degrees Celsius, stating that climate financing should help countries in terms of fuel reduction.
“In Africa and other developing countries, we don't have that adaption, so the bank financing facility should help developing countries in Africa to move in that direction. We look forward to fifty percent by 2025 criteria and we look forward to engaging with you over the next several years as Liberia positions itself as a leader” said Minister Tweah.