WHAT: COP29 Presentation of Report on "Measuring the Green Wealth of Nations: Natural Capital and Economic Productivity in Africa"
WHO: The African Development Bank Group; African government representatives; development agencies; global financiers
WHEN: Thursday, 14 November 2024: 13:30-15:00hrs Baku time (GMT+4)
WHERE: Africa Pavilion, COP29, Baku Stadium, Baku, Azerbaijan
The African Development Bank will host a high-level side event at COP 29 to present to the public a report on "Measuring the Green Wealth of Nations: Natural Capital and Economic Productivity in Africa." The event will take place on Thursday, 14 November 2024, at the Africa Pavilion in the Blue Zone. This event follows a High-Level Presidential Meeting on the theme "Measuring The Green Wealth of Africa" on 13 November 2024 during the World Leaders' Climate Action Summit of the 29th Conference of the Parties (COP) where the report was first released to African Heads of State and Government.
There will also be livestreaming.
The African Development Bank's report builds on African Leaders' Nairobi Declaration on Climate Change and Call to Action. The report further responds to recommendations from the 37th Ordinary Session of the African Union in February 2024, which emphasized the need to "green" GDP by incorporating the value of natural capital and associated ecosystem services.
This call highlights the need to revalue Africa's Gross Domestic Product (GDP) by properly accounting for its abundant natural capital and ecosystem services, including its extensive carbon-sequestering forests, to unlock new sources of wealth for the continent.
The event will feature a panel discussion moderated by Dr. Victor Oladokun, Senior Advisor to Dr. Akinwumi Adesina for Communication and Stakeholder Engagement at the African Development Bank Group. Prof. Kevin Chika Urama, Chief Economist and Vice-President of the African Development Bank Group will the report, followed by panel and floor discussion.
Panelists include:
- Prof. Jeffrey Sachs, Director of the Center for Sustainable Development, Columbia University, United States
- Dr. Claudine Uwera, Senior Strategic Advisor, Office of the Prime Minister, Rwanda
- Dr. Anthony Simpasa, Director, Macroeconomic Policy, Forecasting and Research Department, African Development Bank Group
- Prof. Gunnar Kohlin, Associate Professor and Director, Environment for Development Initiative University of Gothenburg (joining virtually)
- Prof. Pushpam Kumar, Chief Environmental Economist, UNEP (joining virtually
BACKGROUND AND CONTEXT
Africa holds significant natural capital crucial for sustainable development, including vast clean energy potential, arable land, marine resources, and the world's second-largest and longest rivers, the Congo and the Nile. The continent is home to immense biodiversity, tropical rainforests, and considerable renewable natural resources, such as minerals, oil, gas, and coal. In 2018, Africa's measured natural capital was estimated at $ 6.2 trillion.
These natural resources provide essential environmental services to the world, such as carbon sequestration, pollution control, and retention of soil fertility, which sustain human existence. For example, the Congo Basin is one of the world's last regions that absorbs more carbon than it emits. Dubbed the second 'lung' of the world after the Amazon Rainforest, the Congo Basin is home to the world's largest tropical peatlands along with Brazil and Indonesia, and its peat swamp forest stores around 29 billion tons of carbon -equivalent to approximately 3 years' worth of global greenhouse gas emissions - while the Basin absorbs nearly 1.5 billion tons of carbon dioxide a year.
Proper valuation of Africa's green wealth is therefore critical for accurately assessing countries' real wealth, which supports better investment strategies and financial flows. Integrating this value into GDP could enhance access to green bond markets and credit ratings, allowing African countries to secure financing for climate-resilient infrastructure and other productive investments.
The event is held under the auspices of H.E. Denis Sassou Nguesso, President of the Republic of Congo; H.E. Dr. William Ruto, President of Kenya and Chairperson of the African Union Committee of Heads of States on Climate Change and Dr. Akinwunmi Adesina, President and Chairman, Boards of Directors of the African Development Bank Group.
