AfDB Chief Reaffirms Africa’s Climate Leadership and Launches Forests Fund at Belém Summit

“What Africa is asking for is equitable access to the carbon market to enable countries to restore forest and ocean resources,” Shettima stated.

At the Belém Climate Summit in Brazil, ahead of COP30, African Development Bank (AfDB) Group President Sidi Ould Tah reaffirmed the institution’s unwavering commitment to turning “promises into progress”, highlighting Africa’s central role in global climate stability and the Bank’s trailblazing leadership in climate finance. The summit, attended by heads of state, climate negotiators, and development leaders, served as a pivotal moment to review global progress under the Paris Agreement and prepare for decisive climate action at COP30.

AfDB: Achieving Climate Finance Parity

In his remarks during the thematic session on “Climate and Nature: Forests and Oceans,” Dr. Ould Tah announced that the African Development Bank has become the first multilateral development institution to achieve financing parity between climate adaptation and mitigation. This achievement underscores the Bank’s balanced approach to tackling both the causes and the impacts of climate change — a critical step in safeguarding vulnerable communities while advancing sustainable growth.

“We are all gathered here, driven by our collective responsibility to protect nature — our most precious asset in combating climate change and ensuring humanity’s survival,” Ould Tah told the plenary. “Africa’s ecosystems are not just natural assets but vital climate regulators.”

He emphasized that Africa is not a passive player in the global climate conversation, but a driver of solutions, pointing to the continent’s immense natural capital — from tropical forests to ocean resources — that sustains both regional economies and global climate equilibrium.

Africa’s Natural Assets: Global Climate Regulators

African delegates at the Belém Summit echoed this call for equitable climate partnerships. The Republic of Congo noted that Africa — home to 17% of the world’s tropical forests — is losing 3.7 million hectares of forest annually, a staggering figure that threatens biodiversity and undermines carbon sequestration.

Nigeria’s Vice President Kashim Shettima called for equitable access to global carbon markets, stressing that African nations must be empowered to generate financial returns from the conservation and restoration of forests and marine ecosystems.

“What Africa is asking for is equitable access to the carbon market to enable countries to restore forest and ocean resources,” Shettima stated.

Dr. Ould Tah underscored the urgency of protecting Africa’s unique ecosystems. He cited the Congo Basin as a “compelling example,” noting that it contains the world’s largest tropical peatlands, storing an estimated 29 billion tons of carbon — roughly equivalent to three years of global emissions.

“These natural treasures are global climate stabilizers,” he said. “Preserving them is not just an African priority; it’s a planetary imperative.”

The Four Cardinal Points: AfDB’s Climate Strategy

Outlining the Bank’s climate strategy, Ould Tah described the “Four Cardinal Points” guiding AfDB’s action on climate and nature:

1. Mobilizing capital for green growth through innovative financial instruments.

2. Promoting debt-for-nature swaps to reduce sovereign debt burdens while financing conservation.

3. Empowering women and youth as key agents of climate action.

4. Investing in resilient, nature-friendly infrastructure to build sustainable economies.

Through this framework, the AfDB aims to scale up climate financing, foster inclusive development, and unlock Africa’s potential as a global leader in sustainable growth.

Launch of the Tropical Forests Forever Facility

In a landmark announcement, Dr. Ould Tah joined Brazilian President Luiz Inácio Lula da Silva to launch the Tropical Forests Forever Facility, a new global fund designed to support countries in the Amazon and Congo Basins, as well as other tropical forest regions. The initiative seeks to channel resources into forest preservation, biodiversity protection, and sustainable livelihoods for communities living in and around tropical ecosystems.

“The African Development Bank warmly welcomes Brazil’s historic ‘Tropical Forests Forever’ initiative,” Ould Tah declared. “This visionary partnership aligns with our biodiversity programs such as the Congo Basin Forest Fund and the Central African Forests Commission. It represents a new chapter in global climate solidarity.”

The Facility will pool public and private finance to create a long-term, performance-based mechanism rewarding countries for protecting forests that play a crucial role in global carbon storage.

Integrating Natural Wealth into National Economies

As negotiations for COP30 resume on November 10, one of the central themes will be progress toward the New Collective Quantified Goal (NCQG) on climate finance. The NCQG aims to mobilize at least $300 billion annually by 2035 from developed countries to support climate action in developing economies.

With these funds still far from materializing, the AfDB is helping African nations explore innovative financing solutions that integrate environmental sustainability into economic planning.

In 2024, the Bank released its groundbreaking report, “Measuring the Green Wealth of Nations,” which advocates for the inclusion of natural capital in national GDP calculations. The report argues that valuing ecosystems — such as forests, wetlands, and fisheries — as economic assets can strengthen Africa’s creditworthiness and attract sustainable investment.

“By recognizing the economic value of natural resources, African countries can improve fiscal stability, unlock new financing opportunities, and accelerate the transition to a low-carbon economy,” Ould Tah said.

Africa’s Vision: From Commitments to Concrete Action

The Belém Summit has positioned Africa at the heart of the global climate agenda, reinforcing the continent’s determination to move from pledges to practical results. Under Ould Tah’s leadership, the AfDB continues to play a catalytic role in mobilizing capital, fostering green innovation, and ensuring that Africa’s vast natural wealth is managed for the benefit of both people and the planet.

With initiatives such as the Tropical Forests Forever Facility, debt-for-nature swaps, and investments in climate-resilient infrastructure, the Bank is demonstrating that Africa is not merely a victim of climate change but a key partner in delivering global climate solutions.

As the world looks toward COP30 in Belém, the message from Africa is clear: transforming promises into progress requires shared responsibility, innovative finance, and an unwavering commitment to protecting the natural systems that sustain life on Earth.