In a landmark speech at COP29’s High-Level Event on “Measuring the Green Wealth of Nations,” Dr. Akinwumi Adesina, President of the African Development Bank (AfDB), called for the inclusion of Africa’s vast natural capital in its GDP valuation.
Addressing global leaders, Adesina emphasized that Africa’s rich resources—its forests, carbon sinks, biodiversity, and critical minerals—hold immense value yet remain undervalued in global and national economic metrics. He argued that proper valuation could significantly boost Africa’s GDP and financing capabilities, transforming the continent from “green endowed” to “green rich and cash rich.”
Adesina highlighted Africa’s pivotal role in global environmental health, with resources like the Congo Basin—home to the world’s second-largest tropical rainforest and peatlands storing 29 billion tons of carbon. Africa’s forests alone account for 26% of global forest carbon sequestration, and the continent boasts abundant critical minerals vital for the green energy transition. Despite these contributions, Africa’s 2018 GDP of $2.5 trillion paled compared to the estimated $6.2 trillion value of its natural capital, revealing a glaring disparity in how its resources are economically assessed.
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The AfDB’s preliminary estimates show that properly valuing carbon sequestration alone could add $66.1 billion to Africa’s GDP, a sum surpassing the combined GDP of 42 African countries. Adesina warned against the “carbon grab” trend, where African lands are undervalued for carbon credits at rates as low as $3–$10 per ton, compared to Europe’s $200 per ton. This practice not only underpays African nations but also strips them of sovereignty, weakens their climate commitments, and prevents the inclusion of these assets in their GDP.
Adesina urged leaders to adopt a Green GDP approach, which would reflect Africa’s true economic worth, attract significant financial flows, and spur investments in green development. The AfDB’s newly launched report, “Measuring the Green Wealth of Nations: Natural Capital and Economic Productivity in Africa,” provides a roadmap for this transformation. Concluding his speech, Adesina called this a defining moment for Africa, asserting, “It is time for Africa to be green rich and cash rich.”
