Nature Can Help Africa Make the Most of COP29 Outcomes

Africa can leapfrog to clean energy, reducing emissions while expanding access to affordable electricity. Credit: Isaiah Esipisu/IPSOpinion by Ademola Ajagbe (nairobi)Wednesday, December 11, 2024Inter Press Service

NAIROBI, Dec 11 (IPS) - Despite mixed reactions to the outcomes of COP29, Africa has the opportunity to take the lead in harnessing nature to tackle the effects of climate change and secure a resilient future.

As countries craft climate plans for tapping into the secured goal of US$300 billion in carbon finance annually by 2035, nature has to be at the core. Integrating nature-based solutions into national climate strategies will ensure that ecosystems thrive while contributing to economic and social resilience.

This benefits nature and communities, in the continent, and the rest of the world. With its vast natural wealth, the growing appreciation of the intersection of climate change, biodiversity loss, and development grants the continent the mantle.

Nature has the potential to contribute about a third of the cost-effective climate solutions needed to deliver global climate goals.

This will enable the continent that is currently among the most vulnerable to effects of climate change to effectively tackle impacts of climate change and enhance resilience.

From prolonged droughts in the Horn of Africa to catastrophic flooding in Southern Africa, communities are on the frontlines of climate disaster yet often depend on healthy ecosystems for their livelihoods and well-being.

Nature-based solutions can bridge the gap between conserving biodiversity and delivering climate goals. Reforestation, restoration of coastal wetlands and mangroves, coral reef protection, clean energy generation and regenerative farming are all pathways for enhancing climate resilience while bolstering food security, water availability, and economic development.

Africa can leapfrog to clean energy, for instance, reducing emissions while expanding access to affordable electricity. While parts of the continent rely on fossil fuel revenues, the economic and environmental benefits of accelerating adoption of renewables are clear.

It is laudable that several African countries have signed to the goal of tripling renewable energy by 2030, as part of their national climate commitments.

For African nations, financing remains one of the biggest hurdles for scaling these climate actions. Closing the finance gap is essential if we are to attain the ambitious climate targets for substantial allocations to nature-positive projects and developing sustainable infrastructure.

African countries can leverage innovative financial instruments, such as green bonds and blended finance models, to unlock private sector investment in nature-based solutions. By doing so, we can drive economic growth while protecting our natural heritage.

Ademola Ajagbe, Regional Managing Director, Africa at The Nature Conservancy.

Carbon markets present a significant opportunity. Without protecting and restoring nature at scale, it is impossible to meet global climate goals.

These natural assets store carbon, provide livelihoods for millions of people, and can channel revenue from global markets into local conservation and development initiatives.

Natural climate solutions, like reforestation, stopping deforestation, and improving management of grasslands, constitute almost 50 per cent of today’s supply of carbon credits, with much room for growth.

The newly secured consensus at COP29 is expected to fully unleash the financial and nature-positive power of well-regulated carbon markets by protecting Africa’s carbon-rich ecosystems.

There is a clear path forward for others to emulate from pioneering efforts like Gabon’s innovative financial transaction, in the form of a blue bond to refinance US$500 million of its national debt and generate up to US$163 million in new funding for ocean conservation.

The continent has the opportunity to make nature a foundational pillar in all climate adaptation and mitigation strategies. Investments in ecosystem restoration and sustainable land use can help safeguard rural communities from extreme weather events, reduce the risks of climate-induced displacement, and protect vital ecosystems that underpin Africa’s economy.

Fundamentally, the goal must be promoting evidence-based solutions that solve real climate challenges while reducing emissions, supporting local organizations and grassroots advocacy, and raising local awareness to create better understanding of sustainability practices.

The future of Africa’s development is tied to how its natural resources are managed in the face of climate change. Given its abundant natural resources, Africa requires the necessary investments in its energy sector easily serving as a template for successful clean energy.

The continent holds the solutions the world needs, from rich biodiversity to vast renewable energy potential. It is time to harness these strengths, ensuring that nature is at the heart of climate strategies. By doing so, we can secure a future where Africa not only survives but thrives.

The writer is the Regional Managing Director, Africa at The Nature Conservancy.

© Inter Press Service (2024) — All Rights ReservedOriginal source: Inter Press Service