By Jaya Ramachandran
PARIS (IDN) — The African Development Bank (AfDB) and the OECD Development Centre are joining hands efforts to implement the Equitable Framework and Finance for Extractive-based Countries in Transition (EFFECT), which was launched on November 15 at COP27 in Sharm El-Sheikh, Egypt.
The OECD Development Centre announced on November 22 that EEECT results from an intensive and rigorous consultation process led by Nigeria and the European Union hosted by the OECD Development Centre. The aim is to help policymakers manage the risks and seize the opportunities of the low-carbon transition.
EFFECT provides in practice a toolbox for policymakers in fossil fuel producer and mineral-rich developing countries to chart just and sustainable low-carbon transition pathways, in line with their national development priorities.
“We look forward to working with the AfDB on the implementation of EFFECT in Africa. We share the view that a low carbon transition is possible in fossil-fuel producing and mineral rich economies, without compromising on their development ambitions. Governments and private investors tell us they are ready to talk: we are joining forces to convene productive dialogues that will lead to action,” said Ragnheiður Elín Árnadóttir, Director of the OECD Development Centre.
“We welcome the collaboration with the OECD on implementation of EFFECT in Africa. The AfDB recognises the importance of just transition pathways that reflect the peculiar context and needs of African countries. Africa’s natural resources sector is facing severe threats and impacts from climate change—there is a need for innovative tools and partnerships that can deliver the right solutions for the continent’s sustainable development,” said Dr. Vanessa Ushie, Acting Director of the African Natural Resources Management and Investment Centre (ANRC).
The two institutions will focus on context-specific, tailored solutions to the challenges facing African natural resource-rich countries. Planned work at a regional and country-level will:
Discuss the equity and cross-border dimensions of the low carbon transition, bringing together governments, industry, development finance institutions and civil society;
Develop just-transition indicators.
Assist with the development and implementation of low-carbon roadmaps and foster peer learning.
Develop collaborative and actionable solutions for industrial decarbonisation, low-carbon value chains and future-proof infrastructure.
The Development Centre occupies a unique place within the OECD and in the international community. It is a forum where countries share their experience of economic and social development policies. The Centre contributes expert analysis and facilitates the dialogue. The objective is to help decision-makers find policy solutions to stimulate growth and improve living conditions in developing and emerging economies.
The Centre’s membership is open to both OECD and non-OECD countries. Members set its Programme of Work and Budget through its Governing Board. The Centre co-operates closely with all OECD sectoral Committees and Directorates—particularly the Development Co-operation Directorate (DCD) and the Sahel and West Africa Club (SWAC).
The overarching objective of the African Development Bank (AfDB) Group is to spur sustainable economic development and social progress in its regional member countries (RMCs), thus contributing to poverty reduction.
The Bank Group achieves this objective by mobilizing and allocating resources for investment in RMCs; and providing policy advice and technical assistance to support development efforts.
In 2015, all multilateral development institutions agreed on the same set of objectives, called the Sustainable Development Goals (SDGs), which are the blueprint for achieving a better and more sustainable future for all. They address the global challenges we face, including poverty, inequality, climate change, environmental degradation, peace and justice. [IDN-InDepthNews — 24 November 2022]
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