Natural Resources Water and Energy
Acknowledgements
The 2024 edition of the Economic Report on Africa was produced under the leadership of Claver Gatete Under-Secretary-General and Executive Secretary of the United Nations Economic Commission for Africa (ECA) and Deputy Executive Secretaries Hanan Morsy and Antonio Pedro.
Structure of the report
The 2024 ERA is structured as follows. Chapter 1 reviews economic social and climate developments in Africa. Chapter 2 defines the JST from an African perspective and presents the analytical framework for subsequent chapters. Chapter 3 analyses the drivers of JSTs Chapter 4 discusses the strategic investment opportunities and Chapter 5 presents financing strategies.
Key policy recommendations
The overarching goal of a JST framework for Africa is to improve human well-being today without jeopardizing the well-being of future generations. This is to be achieved by fulfilling basic needs creating productive jobs and sustainable livelihoods and establishing a healthy ecosystem. Such a framework recognizes—as the driving forces for a JST—low-carbon industrialization that is inclusive creates decent jobs is environmentally sustainable while pursuing sustainable agroecosystems.
Foreword
Africa faces persistent hurdles to its inclusive and sustainable development. Despite several pockets of excellence in the continent’s progress towards the Sustainable Development Goals (SDGs) and the African Union’s Agenda 2063 the number of SDG targets that require acceleration or reversal exceeds those that are on course. To reverse this trajectory Africa requires financing of about $1.6 trillion through 2030. In a multipolar geopolitically unstable world mired in polycrisis Africa cannot continue with business-as-usual and be fit for purpose.
Key messages
African countries can achieve their development objectives by promoting low-carbon development paths driven by the region’s abundant and diverse renewable energy resources but the transition away from fossils needs to be gradual as stated in the African Common Position on Energy Access and Just Energy Transition led by the African Union.
Executive summary
A mid the fragmented and conflict-prone world Africa faces many economic social and environmental challenges. They are unprecedented in scale complexity and interconnectedness and they impede Africa’s attaining the 2030 Agenda for Sustainable Development and the African Union’s Agenda 2063. These global challenges render business-as-usual strategies unsustainable. A new approach is required to accelerate wealth creation reduce inequality and achieve more equitable and sustainable development.