Ngozi Okonjo Iweala talks climate change at WEF

At the ongoing World Economic Forum in Davos, the urgent need to address climate change has taken the center stage as global leaders and top CEOs acknowledge the significant risks associated with environmental and natural resource management, disasters, and climate change. Ngozi Okonjo Iweala, Co-chair of the Global Commission on the Economy and Climate, highlighted the gravity of the situation in an interview with CNBC Africa's Chris Bishop. According to a risk report presented at the forum, CEOs worldwide have identified environmental issues as the most critical risk affecting businesses and people's lives. The impact of climate change, natural disasters, and water shortages is increasingly becoming a top concern for corporate leaders as they recognize the potential threats to their operations and the communities they serve.\n\nIn Africa, where the effects of climate change are most acutely felt despite minimal contribution to global carbon emissions, the situation is dire. Changes in weather patterns and prolonged droughts have led to devastating consequences, with farmers losing their livelihoods and millions facing food insecurity. Ngozi Okonjo Iweala emphasized the need for African countries to prioritize climate adaptation and risk management. The establishment of the African Risk Capacity by the African Union aims to assist nations in mitigating climate-related risks through innovative insurance solutions that involve the private sector. The collaboration between governments, businesses, and civil society is essential to address the climate crisis effectively.\n\nCEOs attending the forum have expressed a growing willingness to invest in sustainable practices and climate-resilient infrastructure. The adoption of the United Nations' Sustainable Development Goals and the Paris Climate Agreement has underscored the interconnectedness of global challenges and the imperative for collective action. Ngozi Okonjo Iweala commended the increasing partnerships and coalitions forming to tackle climate change, highlighting the importance of multi-stakeholder collaboration in driving real change. It is no longer just about discussions but about concrete actions and investments to safeguard the future of the planet and its inhabitants.\n\nDespite the progress made in raising awareness and fostering dialogue on climate change, Ngozi Okonjo Iweala emphasized the need for deeper engagement, particularly in Africa. The continent's reliance on natural resources that contribute to high emissions poses a unique challenge in transitioning to more sustainable practices. While acknowledging the complexities of this transition, she stressed the importance of initiating profound conversations and policy measures to align economic development with environmental stewardship. African policymakers must prioritize climate action and integrate it into their governance frameworks to address the pressing challenges faced by the continent.\n\nThe urgency of addressing climate change resonates across all sectors of society, from government to business to civil society. The World Economic Forum serves as a platform for catalyzing meaningful discussions and fostering collaborations that can drive the necessary transformation towards a more resilient and sustainable future. As global leaders navigate the complexities of balancing economic growth with environmental preservation, the commitment to collective action and innovative solutions will be paramount in shaping a world where prosperity is synonymous with climate responsibility.