African Development Bank (AfDB) President Sidi Ould Tah has reaffirmed the institution’s commitment to turning “promises into progress,” spotlighting the Bank’s achievement as the first multilateral development institution to finance climate adaptation and mitigation equally.

Speaking at the Belém Climate Summit in Brazil, ahead of COP30, Dr Ould Tah emphasised Africa’s critical role in global climate stability. “We are all gathered here, driven by our collective responsibility to protect nature, our most precious asset in combating climate change and ensuring humanity’s survival,” he said during a plenary session on Climate and Nature: Forests and Oceans.

African delegates highlighted pressing environmental challenges. The Republic of Congo noted Africa loses approximately 3.7 million hectares of tropical forests annually, while Nigeria’s Vice President Kashim Shettima called for mechanisms to safeguard forests and oceans, including equitable access to carbon markets.

Dr Ould Tah underscored the importance of Africa’s ecosystems. “The Congo Basin is a compelling example—it holds the world’s largest tropical peatlands, storing about 29 billion tons of carbon, equivalent to three years of global emissions,” he said.

The Bank’s climate strategy, guided by its Four Cardinal Points, focuses on mobilising capital for green growth, promoting debt-for-nature swaps, empowering women and youth in environmental protection, and investing in resilient, nature-friendly infrastructure.

Tropical Forests Forever Facility

Dr Ould Tah joined Brazilian President Luiz Inácio Lula da Silva to launch the Tropical Forests Forever Facility, a global fund to support countries sharing the Amazon and Congo Basins and other tropical forests. The initiative complements AfDB’s biodiversity programs, including the Congo Basin Forest Fund and the Central African Forests Commission.

Integrating Natural Wealth into National Accounts

As COP30 negotiations continue, the AfDB is helping African nations explore innovative climate financing. In 2024, the Bank published “Measuring the Green Wealth of Nations,” encouraging governments to include natural capital in GDP calculations. This approach aims to strengthen creditworthiness and attract investments for a sustainable, low-carbon future.

Source: African Development Bank Group