Africa’s carbon wealth central to new economic calculations

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At COP29, African nations issued a joint statement urging the world to include natural assets in GDP calculations. The communique highlighted Africa’s ecosystems, such as the Congo Basin, which play an invaluable role in global climate stability through carbon sequestration, biodiversity preservation, and soil conservation.

During the summit, Dr. Akinwumi Adesina of the African Development Bank decried the disparity in carbon pricing, where African carbon credits are undervalued compared to global rates. He explained, “The ongoing carbon grab leaves Africa disadvantaged, unable to leverage its resources fully while losing control over land use.”

This meeting, attended by President Sassou Nguesso, President Kagame, and other leaders, focused on the urgent need to adjust these economic measures.

With Africa’s nominal GDP potentially boosted by $66.1 billion when factoring in ecosystem services, leaders believe that true environmental valuation could enhance credit ratings and support economic stability across the continent.

They agreed to present a proposal for incorporating green wealth at the upcoming African Union summit, hoping to secure global acknowledgment and action.