BAKU, Azerbaijan (Nov. 13, 2024) — As the 29th United Nations Climate Change Conference (COP29) begins, African nations are working to strengthen their role in the global climate effort.

Leading these efforts, the African Development Bank (AfDB) plans to advocate for innovative climate financing and a strategic recalibration of Africa’s economic valuation, aiming to position African nations as leaders in the green economy, according to a statement.

This year’s summit dubbed the “Finance COP,” follows the establishment of the Loss and Damage Fund at COP28.

Despite being key players in global carbon sequestration, African countries currently receive less than 3% of climate finance worldwide—a gap that challenges their progress toward climate goals.

Valuing Africa’s Green Wealth

AfDB President Akinwumi Adesina calls for incorporating Africa’s natural assets, including carbon-absorbing forests, into national GDP calculations.

“There is no reason why Africa should be greenly poor,” Adesina stated. “Africa should be greenly wealthy by properly valuing its vast contributions to global environmental services.” Initial studies suggest that factoring in carbon sequestration could have increased Africa’s nominal GDP by $66.1 billion in 2022 alone, driven largely by the Congo Basin’s significant carbon stores.

By recalibrating GDP in this way, African nations may raise their economic profile and access more favorable financing terms for green investments.

The Republic of Congo and Kenya are championing the “Measuring the Green Wealth of Africa” initiative, to be formally introduced during COP29.

Mobilizing Climate Finance for Africa

The AfDB’s second focus at COP29 is to increase climate finance for Africa. With nine of the world’s ten most climate-vulnerable nations, Africa requires substantial funding to meet adaptation and mitigation needs.

Through the Climate Action Window established in its 16th replenishment cycle, the AfDB seeks to bridge Africa’s climate finance gap and enable the continent to harness its abundant renewable resources.

COP29 Highlights

Key events for the AfDB include:

• High-Level Panel on Green Wealth Measurement: This session will explore the financial and policy implications of recalibrating GDP based on natural resources.
• Mission 300 Launch: In partnership with the World Bank, this initiative aims to connect 300 million Africans to electricity by 2030.
• Sustainable Cooking Solutions Forum: Co-hosted by the African Union and Tanzania, this forum will address investments needed for clean cooking technology across Africa.

The AfDB is set to amplify Africa’s voice through the Africa Pavilion, co-sponsored with other African organizations, as part of its ongoing commitment to integrating African perspectives in global climate action.

SOURCE : AFDB