COP29 Opens in Baku: African Nations and AfDB Push for 'Green Wealth' Valuation and Climate Finance Boost

Central to Africa’s agenda at COP29 is the “Measuring the Green Wealth of Africa” initiative, spearheaded by AfDB President Akinwumi Adesina.

The world’s largest climate conference, COP29, commenced in Baku, Azerbaijan, with African nations and the African Development Bank (AfDB) advocating for substantial new climate financing and a transformative approach to evaluating African economies. Organized by the United Nations Framework Convention on Climate Change (UNFCCC), this year’s “Finance COP” marks a crucial opportunity for African leaders to promote economic models that recognize the continent’s environmental contributions, including vast carbon-sequestering forests and natural resources.

A Bold New Approach: Valuing Africa’s “Green Wealth”

Central to Africa’s agenda at COP29 is the “Measuring the Green Wealth of Africa” initiative, spearheaded by AfDB President Akinwumi Adesina. This ambitious initiative proposes recalculating African nations' GDP to incorporate their ecological assets, such as forests, carbon sinks, and biodiversity, which provide valuable global environmental services. Preliminary estimates by the AfDB suggest that factoring in Africa's carbon sequestration could raise the continent’s nominal GDP by $66.1 billion—a 2.2% boost in 2022 alone, with Congo Basin nations contributing 64% of this increase. Adesina argues that this adjustment would provide African countries with greater financial capacity and stronger debt sustainability, enabling them to pursue green economy investments.

Climate Finance Gaps and the African Development Bank’s Role

Africa, despite its vulnerability to climate change and crucial role in global carbon sequestration, receives only 3-4% of international climate finance, far below the funding required to achieve its National Adaptation Plans (NAPs) and Nationally Determined Contributions (NDCs) under the Paris Agreement. The African Development Fund’s Climate Action Window, established under its 16th replenishment, aims to address this imbalance by mobilizing resources for climate adaptation in Africa’s most vulnerable regions.

At COP29, the AfDB is hosting key sessions to explore unlocking climate finance for Africa. On November 13, the Climate Action Window will hold a high-level discussion focused on increasing financing access for vulnerable African communities. This session is expected to attract finance ministers and international partners committed to enhancing Africa’s climate resilience.

High-Level Events and Strategic Partnerships

The AfDB has organized several high-profile events at COP29. A highlight includes the “Measuring the Green Wealth of African Nations” event, where heads of state and finance ministers will discuss sustainable economic valuation models. In addition, the launch of a report detailing Africa's “Green Wealth” will underline the continent’s role in global climate health.

The Bank will also rally support for Mission 300, an AfDB and World Bank initiative to connect 300 million people in Africa to reliable electricity by 2030. Addressing the critical need for clean cooking solutions in Africa, the African Union and Tanzania will host a session titled “Addressing Clean Cooking Challenges in Africa,” emphasizing political leadership and innovative financing for sustainable energy.

A Call for Global Support for Africa’s Climate Agenda

Adesina has called on global leaders to support Africa’s push for “green wealth” recognition and robust climate finance. With backing from the African Union and African ministers, the AfDB aims to bring COP29’s outcomes to the African Union Summit next year, underscoring the urgent need for equitable climate finance distribution. African leaders hope the COP29 discussions will catalyze a shift toward sustainable growth that benefits African economies and aligns with the world’s climate goals.