Africa Pushes for Green Wealth and Increased Climate Finance at COP29

As the world’s largest climate conference kicks off in Baku, Azerbaijan, African nations are intensifying their efforts to tackle climate change. The African Development Bank (AfDB) is taking a leading role at COP29, focusing on mobilizing resources for climate action and introducing a transformative approach to assessing African economies by incorporating their “green wealth.”

In a world increasingly focused on sustainability, Africa’s rich natural resources, including vast carbon-sequestering forests, present an opportunity for green growth. Yet, despite these resources, sub-Saharan Africa currently receives less than 3% of global climate finance, stalling crucial progress on National Adaptation Plans and climate commitments under the Paris Agreement.

AfDB President Akinwumi Adesina emphasized that Africa should no longer be “greenly poor,” advocating for a recalibration of African countries’ GDPs to reflect their natural assets. This shift could unlock new financial opportunities, positioning Africa as a leader in climate action while recognizing its vital role in global environmental services.

Adesina’s initiative, “Measuring the Green Wealth of Africa,” aims to measure the continent’s environmental contributions, starting with carbon sequestration. Early estimates suggest that recalculating GDP with this approach could have boosted Africa’s nominal GDP by $66.1 billion in 2022. The initiative is supported by several African countries, including the Republic of Congo and Kenya, who are championing the cause.

This shift could also improve Africa’s debt sustainability, allowing nations to access more financing for green projects and sustainable development. The summit will also highlight the need for increased climate finance, with Africa, despite being home to nine of the world’s most vulnerable countries, receiving a disproportionately small share of global funds.

Key events at COP29 include discussions on unlocking climate finance for vulnerable African communities, as well as launching initiatives like Mission 300, aimed at connecting 300 million people to electricity by 2030. 

The African Union and the government of Tanzania will also host a side event on addressing the clean cooking challenges across the continent, emphasizing the need for innovative leadership and substantial investment.