Cape Town, February 19, 2025

The Deputy Minister of Electricity and Energy, Mrs. Samantha Jane Graham-Mare

The AU Commission Director of Sustainable Environment and Blue Economy, Mr. Harsen Nyambe

Presidential Economic Advisor and Hydrogen Commissioner, Mr. James Mnyupe

Distinguished guests, esteemed colleagues, and visionary leaders,

It is an honour to address you today at the Africa Green Business Summit—a gathering of thinkers, builders, and investors who understand that sustainability is not just an environmental necessity, but an economic imperative.

We are at a defining moment. The economies of the future will not be those that simply adapt to change, but those that lead it. 

Africa has the resources, the ingenuity, and the drive to be a leader in the global green economy—but only if we make the right choices now.

Today, I want to talk about two critical transitions that will determine our success:

Successful economies and societies are likely to be those that will balance, two transitions

1. the transition From 20th-century economies to 21st-century economies—moving from extractive, fossil-fuelled growth to sustainable, technology-driven economies that serve our people and our planet.

2. Addressing inequality in the transition—because an economy that only works for the few is not an economy at all.

I met Marie Jose in the east of Rwanda. She is a single mother of four, and every day, she walks up to 10 kilometres searching for firewood, competing with others—sometimes men twice her size. 

If she finds nothing, her family goes without a meal. Her children miss school. 

And the danger is real—some young women on this same journey have been assaulted.

Now, think about this for a moment: 

We live in an age where we are sending people to the moon and building self-driving cars, yet we have not solved the problem of clean cooking energy for millions of African households.

This is not just a technology problem—it is a finance problem. It is a business problem. 

It is an opportunity for us to build new industries, create jobs, and provide basic dignity to millions of women like Marie Jose.

And this is the heart of the green economy—not just reducing carbon emissions but building industries that solve real problems.

Yet, while we work to build this future, global decisions are being made that put us at risk.

Recently, the U.S. has walked away from the Paris Agreement, a decision that undermines carbon markets and financial mechanisms that many African countries were relying on to support their green transition.

Article 6 of the Agreement was meant to provide Africa with new funding streams, enabling us to sell carbon credits for our conservation efforts and clean energy initiatives. 

But with one decision, billions of dollars in potential investment are now in question.

Our response cannot be to wait and hope that global politics will be kinder next time. 

Africa must build its own financial mechanisms for sustainability.

We have the resources to do it. But do we have the will?

The second great transition is about who benefits from the new economy we are building.

The green transition cannot be a privilege for the few—it must be an opportunity for all. 

Because right now, the economic chasm is growing wider.

Globally, the richest 10% capture 52% of global income, while the bottom 50% get only 8.5%. 

In Africa, these inequalities manifest in painful, everyday realities.

Early this month, I spent a few days in Alexandra, Johannesburg

We are exploring ways to transform Spaza shops, the small township businesses that feed communities but struggle with challenges—one of the biggest being food storage.

Food spoils quickly because most Spazas don’t have affordable cooling systems. 

A bad batch of milk, spoiled meat—this isn’t just a financial loss; it’s a health crisis.

We are now investing in solar-powered cooling technologies—not just to reduce waste, but to transform how food reaches people safely in underserved areas.

But the inequality in Alexandra runs deeper.

While visiting a school, I learned that some students sleep there overnight, even though it’s not a boarding school. 

When I asked why, the principal told me: “For many, this is the only safe place they have.”

One girl shared her story—she had been assaulted by her stepfather in their overcrowded home. 

Her mother, dependent on him for survival, begged her not to report it.

These are the consequences of an unequal economy. 

Poverty does not just mean going to bed hungry. It means being trapped. It means having no choices.

A truly green economy cannot leave behind the poor. It must lift them up.

So, how do we ensure that?

1. First, we must Transform Financial Markets—We cannot build a green economy without unlocking new sources of capital. That means:

• Issuing Green bonds & securing climate funds to finance clean energy.

• Improving Domestic Resources Mobilisation, including attracting Diaspora Funding, 

• Increasing investment in African entrepreneurs, ensuring that capital stays within our markets.

2. Second We must Solve for Africa and Design Business Models That Solve Real Problems—Sustainability must be profitable. 

• That includes Affordable clean cooking energy for families like Marie Jose’s.

• Replace the thatch grass houses in rural Africa

• Solar-powered cooling for small businesses, transforming township economies.

• Electric motorcycle fleets, reducing emissions while creating jobs.

3. Finally, we must Change How We Measure Risk—Fix the Algorithms That Exclude People

The biggest barrier to progress is often not a lack of talent or opportunity—it is the outdated financial models we use to decide who gets access to capital.

Take motorcycle taxi drivers in Kigali—they navigate the city every day, providing essential transport and supporting their families. 

They operate in well-structured savings groups, but because traditional banking systems see them as ‘too risky,’ they struggle to access financing at fair rates.

Or look at small-scale farmers who are growing food for millions yet cannot get loans because they don’t fit into conventional financial models.

These are not just credit issues—they are algorithms of exclusion.

We need new financial models that measure potential, not just risk. And we can build them…

• AI can predict business success based on local market conditions, not just outdated credit scores.

• Alternative data sources—like transaction histories, mobile payments, and savings group records—can give more people access to finance.

A green and just economy cannot be built on systems that shut people out.

I often think about my father, who worked in a mining town in Zimbabwe. 

He would come home covered in dust, knowing that the mines would not last forever.

One night, he asked my mother: “What comes next for us?”

That is the question I leave with you today.

What comes next for Africa?

The choices we make now will define whether we remain exporters of raw materials and importers of solutions, 

or whether we build an Africa that owns its future.

We have the talent, the resources, and the market size to lead the green economy of the future.

What comes next for Africa?

Thank you.