AfDB Annual Meetings: Madagascar’s Rabarinirinarison on key priorities in the fight against climate change

Madagascar is facing a critical juncture in its battle against climate change, with the country's Minister of Economy & Finance, Rindra Rabarinirinarison, shedding light on the key priorities and challenges during a recent interview with CNBC Africa. The Minister emphasized the urgent need for technical and financial assistance, as current funding falls short of the $21 billion required to meet the nation's climate objectives over the next decade. Madagascar receives only about $316 million annually, a stark contrast to the substantial investment needed to bolster resilience in environmental governance. The Minister highlighted the importance of support from both domestic and international partners to strengthen Madagascar's capacity to mitigate and adapt to climate change. In collaboration with the African Development Bank (AfDB), Madagascar has outlined strategic plans focusing on infrastructure development, agriculture, and agribusiness. The AfDB has played a pivotal role in financing projects aimed at enhancing industry and agriculture sectors in Madagascar. Additionally, Madagascar has taken proactive policy measures to incentivize private sector involvement in climate action. By offering tax exemptions for renewable energy materials, income, and vehicle imports, Madagascar aims to attract investors and promote sustainable practices. These initiatives underscore President Andradeville's commitment to environmental governance and sustainability. Minister Rabarinirinarison urged wealthier nations to acknowledge their role in driving climate change and support developing countries like Madagascar. He emphasized the need for solidarity and collective action to combat the global climate crisis. As the 58th Annual Meeting draws to a close, Madagascar stands as a symbol of resilience and determination in the face of environmental challenges, calling for global cooperation and support to safeguard the planet's future.