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Monday, September 26 • 9:00am - 11:00am
(REF 26162) Part 1 - Financial Sector: A call for high-quality, harmonized, reliable, and comparable climate-related data with standardized guidance to boost investor confidence and generate financial investment flows to Africa. - Convened by NET Africa

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Science Summit at United Nations General Assembly - UNGA77 13-30 September 2022
Theme: Climate Adaptation 

Title: A call for high-quality, harmonized, reliable, and comparable climate-related data with standardized guidance to boost investor confidence and generate financial investment flows to Africa.

Click here to join the session:  https://us06web.zoom.us/j/82742072198 

Inclusive scientific-data collaborations through education and training workshops, seminars, and conferences between developed and developing countries to address skill gaps on the issue of collecting, analyzing, and reporting high-quality, harmonized, reliable, and comparable statistics on climate-related data is critical but is a challenge as the harmonization of existing data is a work-in-progress. Therefore, to boost investor confidence and enable long-term climate finance investment flows for green finance, there is a need for more inclusive science-based training workshops to keep track of rapid changes to applied practices and methodological approaches in GHG emissions accounting. The rapid deployment of methodologies for monitoring and reporting climate-related data for climate risks and for scaling up green finance has revealed capacity gaps between developing and developed countries. These skill gaps need to be addressed. The universal effort to address this issue has primarily focused on the high-income countries that account for over 80% of global emissions with little attention to developing countries. At present, Africa only contributes 4% of global CO2 emissions. However, Sub-Saharan Africa is projected to become the most populous of the eight geographical regions of the world increasing energy demand: increasing their wealth through GDP growth and increasing inter-trade. For example, in 2019, the African Continental Free Trade Agreement came into effect, creating the largest free trade market in the world. Africa’s current emissions are projected to increase from 4% to 8% by 2050. At the highest end of the analysis, 20% of CO2 emissions by the end of the century. The purpose of this session is to facilitate a dialogue on initiating a road-map for inclusive scientific-data collaborations between financial, scientific institutions, academia, and industry in developed and developing countries (governments, banks, companies, and civil society) on the issue of harmonized, climate-related data with standardized guidance as the critical component to enable forward-looking data assessments on climate-related risk to mobilize long-term capital for green and low-carbon investments.

Why is it so important to harmonize climate-related data? 
It is important to harmonize climate-related data to boost investor confidence, enable forward-looking data, and enable the mobilization of funds to Africa to address climate change. After another year of life-threatening temperatures and extreme weather disasters, wealthy developed countries are under pressure to make good on their promise to mobilize US$100 billion a year to help poorer countries deal with climate change. A new report from the Intergovernmental Panel on Climate Change, released on Feb. 28, 2022, provides more evidence of what billions of people are facing: Developing countries that have contributed the least to climate change are suffering the most from it, and the damage is escalating. Coastal areas in Africa are losing land to rising seas. Flooding from extreme storms is wiping out people’s livelihoods. Heat waves are harming people who have no access to cooling, killing crops, and affecting marine life communities rely on. It is unclear how much impact the climate finance already flowing to these countries, estimated at $79.6 billion in 2019, is having. There is an overwhelming lack of climate-related data, as well as evidence that countries have been supporting projects that could harm the climate with money they count as “climate finance.” Actions by European countries also include the development of Climate Smart Cities to reduce emissions as well as the global financial community working together to harmonize climate-related data.

Question to be addressed: -


 (a) Does the African Development Bank use harmonized metrics and methodologies in their quarterly and annual reporting? Is there potential for other banks in Africa to do the same, if so what would be the policy approach? Is the harmonization of climate-related data critical to increasing climate finance data in Arica?

(b) What is the timeline for the harmonization of climate-related data in Nigeria? What policy approach would you recommend for implementing this agenda? 

(c) What role does KPMG Africa play in the harmonization of climate-related data in Africa and what policy approaches do you think are required to improve climate-data harmonization across Africa?

(d) The economy of Mauritius is a mixed developing economy based on agriculture, exports, financial services, and tourism. With a particular focus on tourism - how is the harmonization of climate-related data in the hotel and tourism industry achieved - and what are your thoughts on the harmonization of such data?

(e) What role could data assurance play (data audit) in governing the harmonization of climate-related data?


We discuss what policy approaches/models could be implemented to address the current challenges in integrating harmonized GHG emissions accounting and climate-related indicators agreed by the IFI,
Including artificial intelligence and machine learning.


avatar for Fadeke Ayoola

Fadeke Ayoola

CEO, NET Africa & AgriFund Management Center
I specialize in natural resource economics. Natural resource economics is a trans-disciplinary field of research within economics that aims to address the connections and interdependence between human economies and natural ecosystems. Its focus is on how to operate an economy within... Read More →

avatar for Olufunso Somorin

Olufunso Somorin

Regional Principal Officer, African Development Bank
Dr. Olufunso Somorin is a Regional Principal Officer at the African Development Bank. He leads the Bank’s work on climate change and green growth in the 13 countries of the Bank’s East African region. This includes supporting countries’ access to climate finance for implementing... Read More →
avatar for Joy Aguele

Joy Aguele

Founder & CEO, Green Bridge Advisory Ltd
Mrs Joy Aguele- Kalu (FCCA, MBA), is a chartered accountant and investment banker with 21 yearsof international leadership experience in the private and public sectors. Given her extensivebackground, the tentacles of her expertise cover capital markets, Accounting, ESG and climate-aligned... Read More →
avatar for Clensy Appavoo

Clensy Appavoo

CEO, HLB Mauritius
Clensy, an FCCA, holds an MBA in “Global Business Strategy” from Oxford University and a Degree in“Management Information Systems and Computer Science”. He is the founder member and ChiefExecutive Officer of HLB Mauritius, a local business conglomerate that specializes in... Read More →
avatar for Edgar Isingoma

Edgar Isingoma

Head ESG Africa, KPMG
Edgar is partner of KPMG responsibble for IMPACT/ESG work in Africa. He is also responsible for International Donor Business in East Africa. Edgar is a Fellow of the Assocaition of  Chartered Certified Accountants - UK and a member of the Institute of Certified Accountants of Uganda... Read More →
avatar for Robert Rubinstein

Robert Rubinstein

Chairman, TBLI Group
The world we share tomorrow is shaped by the introductions we make today. TBLI Circle connects people with opportunities that matter.Our work bring together a network built on 25 years of trust and focus to create real value and real impact. We facilitate the right connections and... Read More →

Monday September 26, 2022 9:00am - 11:00am EDT