Lagos – At COP29 in Baku, African leaders called for a redefinition of Gross Domestic Product (GDP) metrics, urging the inclusion of Africa’s natural assets, valued in trillions of dollars.
Led by President Denis Sassou Nguesso of Congo, the summit emphasized that forests, wetlands, and other natural resources offer critical global services, such as carbon sequestration, that remain overlooked in economic assessments.
The high-level meeting, attended by leaders from Rwanda, Zimbabwe, and Togo, highlighted the need to recognize Africa’s “green wealth” within national GDPs to reflect its true economic contributions.
President Paul Kagame noted, “We are not asking for handouts but for fair compensation for resources that benefit all.” African nations, he added, deserve acknowledgment and value for their environmental services that contribute globally.
The African Development Bank (AfDB) presented a report supporting these leaders’ claims, underscoring Africa’s role in climate mitigation and urging global economic structures to adopt a “Green GDP.” According to AfDB President Dr. Akinwumi Adesina, “Africa may be green-rich, but remains cash-poor,” as carbon credits and ecosystem services are undervalued. African nations, Adesina stressed, need fair valuation to unlock crucial investments in sustainable development.
