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Leonard Ncube, [email protected]

THE Economic Commission for Africa (ECA) has said nature-based solutions are a  unique opportunity for Africa to accelerate the implementation of Sustainable Development Goals (SDGs) and Agenda 2063.

CEA Deputy Executive Secretary Mr Antonio Pedro said nature based solutions also contribute to the conservation of continent’s rich biodiversity, promote ecological connectivity and enhance climate resilience.

He was speaking  to leaders in the financial markets sector at the African Natural Capital Alliance Annual Summit held in Nairobi, Kenya recently.

“With careful design of its development pathway, Africa can harness the value of its natural resources through responsible management practices that recognize planetary boundaries and balance economic growth with environmental conservation and social equity, beyond GDP metrics.”

“Africa could mobilize US$82 billion per annum if the price of carbon reached $120 per tonne of CO2. However, there is a need to eliminate market fragmentation and invest in building high integrity carbon credit markets,” he said.

Mr Pedro said Africa’s vast resources should drive inclusive growth, structural transformation, prosperity, and the well-being of its people and nations.

He said the vast coastline of Africa provides an opportunity for the development of the blue economy, which could generate US$576 billion a year and create 127 million jobs by 2063 through research, innovation, and ecosystem management.

The African Natural Capital Alliance Annual Summit was held under the theme: “Harnessing Nature for Africa’s Sustainable Transformation: Building Resilience in Africa’s Financial Landscape”.

Mr Mark Napier, the chief executive of Africa Foundation for Sustainable Development (AFSD) urged the continent to strategize on carbon markets to identify most ambitious opportunities in the next five years, and prioritize conservation efforts to protect 50 percent of Africa’s mammal species by 2030.

He said it was important for countries to review the relationship between nature and Africa’s financial markets.

“Countries should focus on building awareness and capacity on nature related risks and opportunities through work on disclosures, communicate the importance of nature for Africa’s sustainable development vision,” said Mr Napier.

“There is need to have an instrument that can strengthen financial markets, create economic opportunities and protect the environment.”

Ms Elizabeth Mrema,  the Deputy Executive Director of the United Nations Environment Programme (UNEP) highlighted the crucial role of indigenous people and local communities in nature stewardship and stressed the need for collective action to protect Africa’s natural capital for future generations.

She was emphasizing on the need for investing in regenerative agriculture and sustainable infrastructure and noted the need to strengthen policies that incentivise green finance and penalize environmental degradation.

“We should deepen collaboration and scale up efforts such as regenerative agriculture, nature-based solutions and sustainable infrastructure,” she said.

Mr Olufunso Somorin, a Regional Principal Officer at the African Development Bank said African countries should redefine value and challenge agencies that drive the economy particularly on nature.

He said there is a mismatch between capital and long-term investments and the need to expand the investor base beyond traditional stakeholders to unlock finance for nature related investments.

Mr Somorin said countries should develop policy frameworks to incentivize nature friendly investments, build new markets that value knowledge exchange and long-term relationships.

He emphasized the need to have partnerships, incentives and knowledge to drive transformation on the continent.

FSD-Africa and the ECA jointly established the ANCA in 2022, with the aim of driving multi-stakeholder initiatives that integrate the value of natural capital into economic planning and decisions and deliver nature-based solutions for Africa.

Last year, FSD-Africa and ECA jointly launched the Framework for a National Nature Strategy at COP28 to assist countries in the sustainable utilization of natural resources, scaling up financing for their National Biodiversity Strategies and Action Plans and ensuring compliance with international regulations and national commitments.