Environment Can Help Africa Make the Most of COP29 Outcomes – Global Issues
NAIROBI, Dec 11 (IPS) – Despite mixed reactions to the outcome of COP29, Africa has an opportunity to take the lead in using the environment to address the effects of climate change and secure a sustainable future.
As countries develop climate plans to reach the guaranteed goal of $300 billion in annual carbon credits by 2035, the environment must be at the core. Integrating nature-based solutions into national climate strategies will ensure that nature thrives while contributing to economic and social resilience.
This benefits the environment and communities, the continent, and the world. With its vast natural wealth, a growing appreciation of the intersection of climate change, biodiversity loss, and development is giving the continent a headache.
Nature has the potential to provide nearly a third of the cost-effective climate solutions needed to deliver on global climate goals.
This will enable the continent, which is currently among the most vulnerable to climate change, to effectively deal with the impacts of climate change and improve resilience.
From prolonged droughts in the Horn of Africa to catastrophic floods in Southern Africa, communities are at the forefront of climate disaster but often rely on healthy ecosystems for survival and well-being.
Nature-based solutions can bridge the gap between preserving biodiversity and delivering climate goals. Reforestation, restoration of coastal wetlands and mangroves, protection of coral reefs, clean energy generation and renewable agriculture are all ways to improve climate resilience while strengthening food security, water supply, and economic development.
Africa can jump into clean energy, for example, to reduce emissions while expanding access to affordable electricity. While parts of the continent rely on fossil fuel revenues, the economic and environmental benefits of accelerating the adoption of renewables are clear.
It is commendable that several African countries have signed up to the goal of tripling renewable energy by 2030, as part of their climate commitments.
In African countries, financing is still one of the biggest obstacles to scaling up these climate actions. Closing the financial gap is essential if we want to reach the ambitious climate goals to share green projects and develop sustainable infrastructure.
African countries can use new financial instruments, such as green bonds and integrated finance models, to unlock private sector investment in environmentally-based solutions. By doing so, we can drive economic growth while protecting our natural resources.
Carbon markets offer an important opportunity. Without protecting and restoring the environment at scale, it is impossible to meet global climate goals.
These natural goods store carbon, provide livelihoods for millions of people, and can channel revenues from global markets into local conservation and development programs.
Natural climate solutions, such as reforestation, curbing deforestation, and improving grassland management, account for about 50 percent of today’s carbon emissions, with much room for growth.
The agreement recently ratified at COP29 is expected to fully unleash the financial and environmental potential of well-regulated carbon markets by protecting Africa’s carbon-rich environment.
There is a clear path forward that others can emulate in pioneering efforts such as Gabon’s financial transition, in the form of a blue bond to refinance $500 million in its national debt and generate up to US$163 million in new marine conservation funding.
The continent has the opportunity to make the environment a cornerstone of all climate change strategies and mitigation strategies. Investments in ecosystem restoration and sustainable land use can help protect rural communities from extreme weather events, reduce the risk of climate-induced migration, and protect critical ecosystems that support Africa’s economy.
Basically, the goal should be to promote evidence-based solutions that solve real climate challenges while reducing pollution, support local organizations and grassroots advocacy, and local awareness to create a better understanding of sustainability processes.
The future of Africa’s development depends on how its natural resources are managed in the face of climate change. Given its abundant natural resources, Africa needs the necessary investment in its renewable energy sector as a model for successful clean energy.
The continent holds the solutions the world needs, from rich biodiversity to vast renewable energy. It is time to harness this power, and ensure that the environment is at the heart of climate strategies. By doing so, we can secure a future where Africa not only survives but thrives.
The author is the Regional Managing Director, Africa at The Nature Conservancy.
© Inter Press Service (2024) — All Rights ReservedOriginal source: Inter Press Service
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