term investments and field management activities. To ensure sustainable funding of green economies in the sub region, it would be preferable to de velop self-funding mechanisms.
In Central Africa like elsewhere, a high level of funding is required to tran sition into green economy, but it can be mobilised with the appropriate pu blic policies and innovative funding. In fact, the rapid growth of financial markets, the evolution of emerging market tools and incentivising green funds in place in response to the economic downturn in the past years are all favourable elements for a large scale transformation of the global eco nomy (UNEP, 2011). Research for innovative sources of sustainable funding is supported by the Monterrey Consensus. So, in the last two decades, there has been an intensification of efforts to pilot and implement a gamut of new mechanisms as well as to mobilise countries at different levels of develop ment to achieve the MDGs. Some of the current sustainable financing op portunities are: REDD+, the Global Fund, Debt2Health, the carbon market.
In the area of financing combating the negative impact of climate change, progress has been limited.The Green Fund, initially planned in the Copen hagen Agreement was instituted during the 16th Conference of the Parties in Cancun. However, the operational details ofthis Fund are still being dis cussed.
The Global Environment Facility (GEF), another important instrument to finance green economy, should be broadened and strengthened.
International and national development institutions will play a key role in supporting green economy (World Bank and regional banks - example of the AfDB - bilateral bodies KfW in Germany, Deposit Fund, AFD, etc.).In time, the evolution of instruments of the emerging market will open the way to large scale financing which should strengthen national green eco nomy initiatives. These flows which for the time being are minimal, should be amplified to accelerate the transition into a green economy. To achieve this, concentrated active reserves controlled by long term investors will be crucial in facilitating this economic transformation nationally and
interna-Likewise, UNEP recommends for country implementation of green initia tives, a public - private synergy in funding, creating incentives to mobilise private investment in key sectors underpinning green growth and job crea tion. Effectively overcoming funding challenges depends of five key stages:
(i) fostering the dual role of public and private financial institutions by fa cilitating transition into a greener economy. It implies, inter alia, changing existing public resources from "brown" economies to "green" economic activities, while private financial institutions direct major flows towards as sets maintaining and strengthening the environmental and social financial values of the economy; (ii) encouraging greater participation of develop ment financial institutions, banks and institutional investors in joint green investment initiatives in some key economic sectors: infrastructure, energy, transport, education, drainage; (iii) promoting the adoption of integrated frameworks of obligatory reporting for enterprises and industry to have a holistic view of their performance in environmental and social governance;
(iv) promoting the application and inclusion of criteria of environmental and social governance in the four components of the financial system -middlemen, capital markets, infrastructure and all standardisation bodies and ranking agencies allocating capital to final users; (v) monitoring new trends in green investment flows to develop methodologies to measure green investments and design monitoring tools (UNEP, 2012).
The observation from the above developments is that there are legal, insti tutional and economic provisions favouring the development of a green economy. However, progress in this regard varies from one country to ano ther. At the sub regional level, symbolic progress comprises of the adoption of the Brazzaville Declaration on Developing and Promoting a Green Eco nomy as well as countries joining the PADEVAC initiative. The creation of the Central African Green Economy Fund is another milestone. Special em phasis must be laid on harmonising laws and generalising incentives to green production and consumption. Moreover, since the sub regional level is the most appropriate for transition into a green economy, it must be sup ported by institutions that are strong, sufficiently representative and ade quately resourced for their functioning. Funding is key to the success of a green economy. The diversification of sources and instruments of funding will be the key element of their sustainability. On the whole, measures taken should be improved, supplemented and implemented with the help of
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This edition of the Report on the economies of Central Africa has shown that good economic performances that the sub region has recorded for some years now were sustained in 2012, despite the persisting international eco nomic uncertainty particularly in industrialised countries. Political stability, continuing reforms and maintaining commodity prices are the main factors underpinning these performances. From every indication, these factors should be maintained in the years to come, subject to the results of the joint efforts of political leaders to restore stability and peace in some countries.
On the whole, the upward trend of raw material prices should not slump in the medium term. However, the high international prices of foodstuffs which most Central African countries depend on, will continue to contrast theirefforts - a paradox in a sub region gifted with huge agricultural poten tial and water resources.
Countries should undertake structural overhaul to avoid the adverse effects, or depression, from the "raw materials trap".
The sub region's economic performance, as examined in this report and other recent
publications of the ECA Central Africa Regional Office is similar to the pre-structural adjustment period and which dropped with the slump in in ternational raw material prices. The countries concerned consequently sank into what can be termed as the "raw materials trap". So, if there is anything to learn from recent economic history, it is that while they enjoy growth
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Countries should undertake struc tural overhaul to avoid the ad verse effects, or depression, from the "raw materials trap".
The Economils of Central Africa - 2013
diately undertake structural overhaul in order to avoid the adverse effects or depression from the "raw materials trap".
To this must be added the fact that despite certain measures taken as outli ned in this report, the Central Africa sub region equally combines paradoxi cally good economic performance with less than stellar social and environmental protection indicators.
Socially, two years from the 2015 deadline, it is evident that not only is the progress in achieving the MDGs insufficient but the outcome varies from one country to another and from one objective to another. Combating po verty is bogged down by high unemployment and underemployment rates, especially among youths and women. As the report indicates, youth em ployment is particularly a real source of concern for national authorities, given the risk that youths would undertake activism, political recuperation and other illegal and criminal activities which could compromise the stabi lity needed for reforms. To tackle this, Central African countries must im mediately prioritize technical skills training. Applied fundamental sciences, engineering and mathematics must be given more consideration in secon dary education, while higher education teaching systems must be diversified to meet the requirements of emerging sectors. Tt is also necessary to rethink technical and professional competence building systems (TPCB) to make them more effective and more operational. Partnership with the private sec tor should be strengthened at every level of education to define precisely the qualifications on demand in the labour market.
Concerning the environment, an evaluation of Central Africa's progress in meeting MDG 7 showed that the region's rich biodiversity is threatened by deforestation and forest degradation. The reducing forest cover and their degradation is a real threat on the environment and consequently on the subsistence of the population, especially in rural areas. In terms of carbon dioxide emissions, very noticeable reduction of ozone layer-depleting subs tances has continued to be recorded since the year 2000. As concerns bio diversity protection, protected land and marine areas have continued to increase substantially, while the population without access to clean water supply or basic sanitation services is dropping. Considering this balance sheet, sustainably improving the environment in Central Africa requires