Fortune News | Feb 15,2020
Oct 22 , 2022
By Abraham Tekle
The fossil-based economic system has reached its limits. A sustainable alternative must take over, as climate change and environmental degradation are existential threats to the world.
The European Green Deal was introduced three years ago to address these problems, with promises of a carbon-neutral economy in 30 years. The deal can bring a meaningful global impact on climate change.
The ambitious call is mobilised worldwide to address climate change and economic inequalities. Supporters of the initiatives hail it as a transformative plan that could create millions of jobs. Its critics argue that it may be too costly and too specific. For some, it is not even environmentally focused enough but used as a strategy for political ambition.
Almost a decade ago, Ethiopia devoted its economic development priorities to a green and sustainable path, planting trees. For Ethiopia, green growth is necessary and an opportunity to be seized for climate change adaptation and mitigation objectives.
Despite this enormous scope of the initiative, political involvement impedes advancing the cause of a green economy. It is also as important as the economic crisis, where the federal government supports the initiative for its intended purpose. It requires implementing several components to attain climate neutrality as a holistic project. Some movements are seen a few years forward to take the initiative to the next stage, regardless of its political misuse.
Following the economic forum held in Davos, Switzerland, three years ago to mobilise funds to plant, conserve and restore one trillion trees, Ethiopia joins the race by planting millions. But to maintain the spirit of the initiative, Ethiopia needs more energy – and that energy must be green. Its government has been developing two hydroelectric dams: the Grand Ethiopian Renaissance Dam (GERD) and the Koysha Hydroelectric Project.
But these are not sufficient. The construction has been dragged on owing to limited finance, causing the projects to fall behind schedule. Evaluating the pace and progress to promote the energy sector would require economic anticipation of the internal market.
If done right and on time, these two projects would help power the country's rail network and industrial parks with renewable energy, generating employment and surplus energy for export. It could generate revenues and contribute to the development and stability of the Horn of Africa.
The positive impact of sustainable development on health, social justice, economic growth and natural resource conservation is evident. With international finance and capacity building support, Ethiopia can now begin to seize untapped opportunities for dealing with climate change. Ethiopia is on the right track to contribute to the green global economy and leave an environmental legacy that will endure long into the future.
PUBLISHED ON
Oct 22,2022 [ VOL
23 , NO
1173]
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