As the world’s largest climate summit opens in Baku, Azerbaijan, today, the African Development Bank (AfDB) is prioritizing a fresh and ambitious agenda for Africa’s role in tackling climate change. This year’s COP29 summit, dubbed the “Finance COP,” will focus on unlocking more climate finance and redefining the way African economies account for their environmental contributions.
With over 90% of Africa’s population vulnerable to climate change impacts, the AfDB is advocating for a shift in how the continent’s natural resources—such as forests, carbon sinks, and biodiversity—are valued economically. African nations are ramping up efforts to ensure that these “green wealth” assets are factored into their GDPs. According to AfDB President Akinwumi Adesina, this recalibration could substantially boost Africa’s GDP and enhance debt sustainability, providing much-needed financial leverage for climate action.
“The time has come for Africa to be seen not as greenly poor, but greenly wealthy,” Adesina stated in a recent meeting of African Ministers, urging leaders to consider the continent’s immense natural resources in shaping future economic policies. 
The summit will highlight several key initiatives, including the AfDB’s “Measuring the Green Wealth of Africa” initiative, which aims to adjust GDP calculations to better reflect environmental assets. Preliminary estimates suggest that incorporating carbon sequestration into GDP calculations could have increased Africa’s nominal GDP by $66.1 billion in 2022 alone, a 2.2% boost.
COP29: Climate Finance and the Global Fight Against Climate Change
At the heart of COP29’s discussions will be climate finance, with the goal of securing more funds for vulnerable nations like those in Africa. Despite Africa’s significant vulnerability to climate change—many of the world’s most at-risk countries are located here—the continent currently receives less than 3% of global climate finance.
The AfDB aims to rectify this imbalance by pushing for increased financial commitments from developed countries and multilateral institutions. This will include launching new platforms, such as the Climate Action Window, which will seek to unlock resources for Africa’s most vulnerable populations. The AfDB’s involvement in these discussions is a critical step in ensuring that African nations receive the support they need to implement National Adaptation Plans (NAPs) and meet the Paris Agreement targets.
Other high-profile events at COP29 will include the launch of the “Mission 300” initiative, which aims to provide 300 million people in Africa with electricity by 2030, and the promotion of clean cooking solutions across the continent. These initiatives reflect the AfDB’s broader strategy to foster sustainable energy solutions and green growth across Africa.
Can COP29 Set a New Climate Finance Goal?
While Africa’s priorities are front and center, COP29 will also feature broader climate finance negotiations. World leaders will negotiate a new climate finance goal to replace the outdated $100 billion target established in 2009. The discussions will focus on securing more ambitious commitments from developed nations, ensuring that climate finance is more accessible, and tackling the growing loss and damage faced by developing countries due to climate-induced disasters.
COP29 will also be pivotal in finalizing the design of the Loss and Damage Fund, a critical mechanism established at COP28 to help countries address climate impacts that go beyond adaptation. Discussions in Baku will focus on how to mobilize the necessary resources for this fund, which is expected to support vulnerable nations in recovering from climate-induced losses.
Looking Ahead: A Global Push for Ambitious Climate Action
As COP29 progresses, the world’s attention will be on how countries commit to scaling up climate finance, implementing stronger national climate plans, and supporting loss and damage efforts. African nations, led by the AfDB, are at the forefront of these discussions, pushing for a financial framework that recognizes the value of the continent’s natural resources.
With the future of global climate action at stake, all eyes will be on Baku to see whether COP29 will truly unlock a new era of ambitious, equitable, and effective climate action.
Stay tuned to remain updated on the latest from COP29 and support Africa’s climate ambitions.
What do you think? Will COP29 set the tone for a new era of climate finance and action? Let us know your thoughts in the comments below.
