Daily Current Affairs : 4-December-2023
African leaders took a significant stride towards sustainable development on the third day of COP28 by launching the Green Industrialisation Initiative. This initiative aims to propel green growth in African industries while attracting essential finance and investments. It serves as a crucial step in addressing the pressing environmental concerns and fostering economic development.
Existing Investment Foundation:
The initiative strategically builds upon the foundation of the existing $4.5 billion Africa green investment from the UAE. This financial backing provides a solid base for kickstarting and sustaining green industrialization projects across the continent.
Prioritizing Industrial Transition:
A core aspect highlighted by the leaders is the continent’s priorities for industrial transition. This involves a shift towards environmentally friendly practices and technologies. The emphasis is on fostering industries that contribute positively to the environment and the economy.
Just and Equitable Partnerships:
Another key aspect underscored by the leaders is the need for just and equitable partnerships. The initiative recognizes the importance of collaboration that benefits all parties involved, ensuring that the benefits of green industrialization are shared equitably among African nations.
De-risking and Long-term Planning:
The leaders emphasized the significance of de-risking strategies in attracting investments. By mitigating potential risks, they aim to create a conducive environment for investors to participate in green projects. Additionally, there is a strong focus on developing long-term plans for green industrialization, ensuring sustained progress and positive environmental impact.
Country-specific Goals:
Djibouti sets an ambitious target by aspiring for 100% green energy. This showcases a commitment to reducing reliance on non-renewable sources and embracing sustainable energy solutions. Zambia, on the other hand, stresses the importance of a shared resource pool for the continent’s benefit, emphasizing collaborative efforts for mutual growth.
Important Points:
- Green Industrialisation Initiative Launch at COP28:
- African leaders initiated the Green Industrialisation Initiative during COP28.
- Objective: Accelerate green growth in African industries and attract finance and investments.
- Foundation on UAE’s $4.5 Billion Investment:
- The initiative strategically builds upon the existing $4.5 billion Africa green investment from the UAE.
- Provides a solid financial base for kickstarting and sustaining green industrialization projects.
- Prioritizing Industrial Transition:
- Focus on shifting towards environmentally friendly practices and technologies.
- Emphasis on fostering industries contributing positively to both the environment and the economy.
- Just and Equitable Partnerships:
- Recognition of the need for just and equitable partnerships.
- Ensures benefits of green industrialization are shared equitably among African nations.
- De-risking and Long-term Planning:
- Emphasis on de-risking strategies to attract investments.
- Development of long-term plans for green industrialization for sustained progress and positive environmental impact.
- Country-specific Goals:
- Djibouti aims for 100% green energy, showcasing a commitment to sustainable solutions.
- Zambia stresses the importance of a shared resource pool for the continent’s benefit, promoting collaborative efforts.
Why In News
African leaders, recognizing the crucial role of sustainable development, launched the Green Industrialisation Initiative during the third day of COP28, aiming to accelerate green growth in African industries and attract finance and investments, thereby fostering a resilient and environmentally conscious economic landscape for future generations.
MCQs about Green Industrialisation Initiative
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What is the primary objective of the Green Industrialisation Initiative launched during COP28 by African leaders?
A. Promoting non-renewable energy sources
B. Accelerating green growth in African industries
C. Focusing on industrial expansion without environmental considerations
D. Attracting investments for conventional industrial projects
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What financial foundation does the Green Industrialisation Initiative strategically build upon?
A. $1 billion from the United States
B. $4.5 billion Africa green investment from China
C. $2 billion from European countries
D. $4.5 billion Africa green investment from the UAE
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What does Djibouti aspire to achieve in terms of energy within the context of the Green Industrialisation Initiative?
A. 100% reliance on non-renewable energy
B. Complete shift to solar energy
C. 50% reduction in energy consumption
D. 100% green energy
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Why is there an emphasis on just and equitable partnerships in the context of the Green Industrialisation Initiative?
A. To promote competition among African nations
B. To ensure benefits are shared equitably among African nations
C. To exclude certain nations from participating
D. To prioritize economic growth over environmental concerns
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