Climate Change Financing for a Just Transition in Africa: Avoiding ‘A race to the bottom scenario’.

Abstract

The article deploys the theory of stupidity to unpack the concept of the ‘race to the bottom’ scenario. The article argues that stupidity has incentives, and not inherently a mental defect. In the context of Africa’s response to the climate change funding crisis, “the race to ruin" entails a downward spiral scenario which results in anthropocentric extractivism in poor African countries. By competing in lowering standards so as to remain competitive in attracting foreign investment, African states are competing for environmental ruin and social dislocation. While the immediate effect of the scenario may boost economic activity, the long-term consequences can be disastrous. The article uses documentary analysis to argue that Africa’s response to the climate change crisis has been mixed and at worst characterised by ruin and dislocation. This scenario underscores the need for African states to balance economic competitiveness with the need for ecocentrism and sustainable practices. The article proposes that Africa must of necessity take a united stand against neo-imperialistic and green washing solutions for climate justice to be achieved on the continent. Additionally, it emphasizes the necessity of responsible practices in the adoption of financing models that are underpinned by a resolute commitment to good governance.