H.E. Mohamed Ould Cheikh El Ghazwani, President of the Republic and Chairperson of the African Union (AU), opened on Monday morning on the sidelines of the 79th Ordinary Session of the United Nations General Assembly in New York, the Africa and Carbon Market Financing Forum.<\/p>\n
In his speech on the occasion, HE the President of the Republic pointed out that Africa suffers from a striking double paradox: it is the continent that produces the least greenhouse gases and the one that suffers the most from their devastating effects.<\/p>\n
The following is the text of the President’s speech:<\/p>\n
\u201cH.E. Mr. Brice Clotaire Oligui Nguema\u00a0 (President of the Gabonese Republic)<\/p>\n
– H.E. Mr. Tiemoko Meyliet Kon\u00e9 (Vice President of the Republic of C\u00f4te d’Ivoire)<\/p>\n
– H.E. Mr. Aziz Akhannouch (President of the Government of the Kingdom of Morocco)<\/p>\n
– H.E. Mr. Babjide Sanwo-Olu (Governor of Lagos State, Federation of Nigeria)<\/p>\n
– H.E. Mr. John Olajide, President of the Corporate Council of Africa<\/p>\n
– H.E. Ms. Florizelle Liser, President and CEO of the Corporate Council for Africa<\/p>\n
– Her Excellency \u00a0Leila Ndiaye, President of the African-Caribbean Diaspora Alliance<\/p>\n
– Ladies and Gentlemen<\/p>\n
I would like to begin by thanking the leaders of the Corporate Council on Africa and the African-Caribbean Diaspora Alliance for their kind invitation and the valuable opportunity this session has given us to discuss Africa’s renewable energy potential and how it can be developed using carbon market credit financing to address energy and climate change challenges and build more resilient and sustainable development.<\/p>\n
On this topic, I would like to point out that Africa suffers from a striking double paradox: it is the continent that contributes the least to the production of greenhouse gases and suffers the most from its devastating effects.<\/p>\n
On the other hand, it is the continent with the greatest renewable energy potential and the least energy supply, with more than 600 million Africans without access to electricity, even though the first goal of SDG 7 is to ensure universal access to reliable, affordable and sustainable energy services.<\/p>\n
Home to one-sixth of the world’s population, Africa accounts for less than 6% of global energy consumption and produces barely 2% of combined global emissions. Yet it has 60% of the world’s solar energy potential, 40% of the strategic minerals needed to decarbonize the planet, significant wind and hydroelectric resources and enormous potential for green hydrogen.<\/p>\n
My country, Mauritania, for example, has a renewable energy potential of more than 4000 GW, including 500 GW of commercial potential that can be used today without any major technical or environmental constraints, with exceptional integration of solar and wind energy.<\/p>\n
Our long-term ambition is to capture 1% of the global hydrogen market and 1.5% of the green steel market by 2050. We have signed more than a dozen MoUs, two of which are at an advanced stage of preparation, to invest around $50 billion, with an estimated impact on the national economy at a growth rate of 10% per year for 20 years.<\/p>\n
To unlock this enormous energy potential, Mauritania, like the rest of the African continent as a whole, needs more effective North-South cooperation, taking into account the continent’s specific constraints, which must combine the imperatives of development and the fight against climate change.<\/p>\n
It also needs technology transfer, especially through the systematic use of local content in all infrastructural projects.<\/p>\n
On the other hand, harnessing this potential requires massive investments in infrastructure, as well as equitable access to available financial resources, especially so-called climate finance, to enable them to capitalize on the opportunities offered by the green economy.<\/p>\n
Climate finance needs to be revitalized and made more accessible to Africans through the promotion of the carbon market, which can play a vital role.<\/p>\n
I am confident that the discussions we will have during this forum will help identify ways to revitalize the carbon market and make it more accessible to African countries, thereby helping them unlock their renewable energy potential and accelerate the sustainable and inclusive development of the continent.<\/p>\n
Thank you.\u201d<\/p>\n
In addition to H.E. the President of the Republic, H.E. the Minister in charge of the Office of the President of the Republic, Mr. Nani Ould Chrougha, H.E. the Minister of Economy and Finance, Mr. Sidi Ahmed Ould Bouah, H.E. the Minister of Energy and Petroleum, Mr. Mohamed Ould Khaled, H.E. the Minister of Environment and Sustainable Development, Ms. Massouda bint Baham, and H.E. our Ambassador to the United States of America, Ms. Ciss\u00e9 bint Beyda.<\/p>\n
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