“We Don’t Need Handouts, Africa Has Financial Capital Assets” Leaders Speak at COP 29

By Earnest Kivumbi Benjamin – updated at 0757 EAT on Wednesday 13th Nov 2024

African leaders have made profound statements at COP29 in Baku, Azerbaijan during dialogue of Heads of State and Government at the World Leaders segment of the COP29 on measuring the green wealth of Africa.

The session on Wednesday was hosted by African Development Bank Group, and the leadership of H.E Denis Sassou Nguesso, President of the Republic of Congo, H.E Dr. William Ruto, President of the Republic of Kenya and the Chairperson of the African Union Committee of the Heads of State on Climate Change (CAHOSC) and Dr. Akinwunmi Adesina, President of ADB.

It’s based on the African Leaders’ Nairobi Declaration on Climate Change and Call to Action which highlights the need to revalue the Gross Domestic Product (GDP) of Africa through the proper valuation of its abundant natural capital and ecosystem services, including its vast forests that sequester carbon to unlock new sources of wealth for Africa.

Dr. Adesi, says Africa’s abundant natural resources provide essential environmental services to the world, accounting for approximately 26 percent of all carbon sequestration in forests worldwide. Yet, this “global public good” remains largely unaccounted for, as the ecosystem services, including carbon sequestration, provided by natural resources such as forests are not captured in the standard measures of economic activities in Africa’s GDP.

He adds a that proper valuation and monetization of the carbon sequestration of forest ecosystems will create positive and compelling incentives for countries to invest in forest preservation and sustainable logging, playing a key role in climate adaptation, mitigation and green transition.

Several African leaders including Paul Kagame from Rwanda, Denis Sassou Nguesso, President of the Republic or Congo, Teodoro Obiang Nguema Mbasogo from Equatorial Guinea, Emmerson Mnangagwa of Zimbabwe, H. E Dr. Musalia E G H Prime Cabinet Secretary and Cabinet Secretary for Foreign & Diaspora Affairs repraenting President William Ruto, Philip Isdor, Vice President of Tanzania among others (list being updated) have attended and spoken.

The African Heads of State and government have issued a joint statement on measuring the green wealth of Africa. (to be released shortly)

Africa Heads of State and Head of Government during Presidential Meeting on Measuring the Green Wealth of Africa. Photos by Earnest Kivumbi Benjamin

Leaders have stressed out the carbon credits for Africa are under valued compared to rest of the world and that Africa does not need hand outs becuase it has vast capital financial assets with its natural resources.

This story is being updated.

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