UNITAR Supports First Annual African Symposium on Climate-Sensitive Macroeconomics "Rethinking Growth in Africa"

At the Symposium, leaders underscored the urgency of climate-integrated economics.  

Professor Barnabas Nawangwe, Makerere University’s Vice Chancellor declared, “Integrating the environment into international accounts, fiscal planning and macroeconomic modelling is no longer an option. It is a prerequisite for sustainable development. It enables governments to better understand the economic value of ecosystems, assess climate risks, mobilize climate finance, and design policies that bring us growth with environmental stewardship.” He further noted that for Africa, where natural capital is a central pillar of economic activity, this integration represents both an “economic necessity, and a strategic opportunity”. 

The Embassy of Denmark’s Representative highlighted the role of integration of climate risk and natural capital into macroeconomic frameworks as a “massive de-risking strategy for private investment” through greater predictability.

Steven Stone, the UN PAGE Management Board Chair noted that because of the partnership between the Coalition and Makerere University, “huge things are possible,” as this environment allows economic policy to be “shaped,” “mapped,” and “formed” through the scenario building and policymaking discussions taking place during the symposium. 

Ecosystem restoration and climate adaptation are not costs to the economy, they are investments for Uganda’s long-term economic stability, productivity and prosperity for all. Hon. Beatrice Atim Anywar, Minister of State for Water and Environment (Uganda).

Ignoring these risks is no longer an option. It is in this context that natural capital accounting and climate sensitive macro-economic modelling become indispensable tools for policymakers. Hon. Henry Musasizi, Minister of State for Finance, Planning and Economic Development (Uganda).