Browsing: COP29

• Despite its $6.2Trn natural wealth, Africa remains “green rich but cash poor.”
• Projections show that had carbon sequestration alone been accounted for, Africa’s nominal GDP in 2022 could have increased by $66.1Bn.
• In Europe, carbon prices can reach as high as $200 per tonne, yet the same credits are traded for as little as $3 to $10 per tonne in Africa.

At the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, African leaders are pushing for a fair valuation of the continent’s natural riches—spanning vast forests, carbon sequestration capabilities, and ecosystem services.

They call on authorities to factor them into calculating Gross Domestic Product (GDP). This bold move aims to redefine wealth on a global scale by integrating the immense value of Africa’s natural assets into economic frameworks.

In a pivotal communique, African heads of state have cited the invaluable contributions of their ecosystems to global public …

• As COP29 starts in Baku, Azerbaijan, African nations are set to drive the climate agenda, focusing on climate finance and redefining economic metrics to recognize the continent’s green assets.
• Africa’s ‘green wealth’ push seeks to quantify Africa’s contributions to global environmental health, valuing its vast carbon sinks, natural resources, and ecosystems.
• This initiative, led by the AfDB in an alliance with the Republic of Congo and Kenya, could reshape Africa’s economic standing.

The annual United Nations climate conference, COP29, opens with a strong emphasis on climate finance, especially for developing nations that bear a disproportionate burden of climate change impacts.

At the forefront, African nations are pushing for increased funding and support, which is essential to advancing their National Adaptation Plans and Nationally Determined Contributions as outlined in the Paris Agreement.

This year, Africa, represented by the African Development Bank (AfDB) and a coalition of governments, is …

• Ahead of COP29, Africa’s climate finance strategy is based in three core pillars: scaling up adaptation funding, boosting mitigation efforts, and improving access to carbon markets.
• Without financial support, Africa could experience an annual loss of 5% of its GDP by 2040 due to adverse weather.
• While the stakes are high, populations across the continent will be watching to see how global powers will answer Africa’s plea.

As leaders from across the world ready to gather in Baku, Azerbaijan, for the 29th United Nations Climate Change Conference (COP29), Africa is rallying for a spirited push to secure climate finance deals at scale.

This agenda was unveiled at the 12th Conference on Climate Change and Development in Africa, hosted by Ivory Coast in Abidjan. This meeting was held on the sidelines of the 1oth Special Session of the African Ministerial Conference on the Environment (AMCEN).

Bringing together stakeholders such as …