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The Extractives Sector & the Transitions to a low Carbon Economy in Africa

Climate Change

Africa is vulnerable to the impacts of climate change despite only contributing around 3% to global greenhouse gas emissions (International Energy Agency (IEA), 2022). Many African countries are experiencing extreme weather events ranging from droughts, tropical storms to extreme floods that are damaging ecosystems and biodiversity, infrastructure and economies. Climate change is having a significant negative impact on the African continent, resulting in reduced food productivity and lower economic growth, thus leading to mass migration and instability in the continent (IEA, 2022).

African countries have committed to meet international agreements such as the United Nations (UN) Sustainable Development Goals (SDGs) and the Paris Agreement of 2015, which advocate for limiting global warming to below 2°C. Despite this commitment, many African countries face a major challenge due to high dependence on the extractives sector, a major contributor to global greenhouse gas emissions. However, the extractives sector remains a key economic driver of many African economies. For instance, in 2019 minerals and fossil fuels accounted for over a third of exports from at least 60% of African countries (Signé and Johnson, 2021). In countries such as Nigeria and Angola, oil and gas account for about 75% and 65% of government revenues, respectively (Siyobi, 2021).

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