• protectionism is avoided and markets stay open;
• the poorest nations can grow out of poverty through trade and
• there is good governance of natural resources to fuel broader and inclusive development.
The abundance of relevant experiences from the newly industrialized countries in Asia and elsewhere can show African countries how to galvanize their economies, accelerating the process of wealth creation and poverty reduction on the continent. And last but not least. Development without access to energy won’t happen. This crisis could help formulate a new approach: increase access to reliable, affordable and renewable energy services for sustainable development, promote energy efficiency to make sure economic growth does not raise energy demand and environmental degradation, including climate change.
Africa has great hydropower potential but only 7 percent has been exploited so far. Africa’s natural gas reserves amount to about 8 percent of global reserves. It has 10 percent of global oil reserves. But it requires major investments to develop both traditional energy means and renewable ones. It is still unclear exactly how much of the US$1 trillion pledged at the London G20 summit will find its way to Africa.
That’s why we need to keep an eye on the figures and keep reminding world leaders of the needs of those in the developing world that live in their shadow. This will set policy priorities straight, put strategies in place to avert a human catastrophe and help Africa secure its rightful place at the global economic table.
Kandeh Yumkella is director general of the UN Industrial Development Organization (UNIDO).
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