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Time for African leaders to embrace a radical agenda

COP 29 in Baku, starting on Monday, needs a different climate approach (and hairstyle!) from the continent’s leaders

Welcome to Green Rising – Last year, Africa started to sound radical on climate. 

At the Africa Climate Summit in Nairobi and at COP 28 in Dubai, the continent made its voice heard. Finally. 

Articulate leaders presented new plans for a green economy driven by for-profit investment – not aid. 

It was a big intellectual shift. High-level attention meant to open doors to “climate-positive growth”.

But, it turns out, Africa’s plans were not yet radical enough. 

Developed nations are still not in the mood to make big (enough) investments. Climate financing remains pitiful. 

The lesson from the US election this week – we think – is not that climate action is dead. It’s that bloody-minded persistence works. 

At this year’s premier climate shindig, COP 29, African leaders need to be more than just reasonable. 

Time to turn up the pressure dial from 7 to 11 on the scale of 1 to 10. 

The investment opportunities remain attractive. More hustling salesmanship, please.

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1. 🚁 Heli view: What’s green, profitable and revolutionary…?

Looking ahead to this month’s COP 29 summit in Baku, the capital of Azerbaijan, here is an example of the thinking needed to realise the potential of Africa’s green economy. 

  • How to safeguard the natural world while ensuring prosperity?

Enter Tehanu: The Kenya-based company is building what it calls “interspecies money”. 

  • By that, it means allocating financial resources directly to flora and fauna as “a means for nature to pay for its own survival”.

How it works: The company says it “enables a circular flow of money and data between other species and humans, ensuring we flourish together.”

  • The money comes from impact bonds, philanthropy and institutional investors.

Tech involved: Each (non-human) species cluster is given a digital identity and wallet, using blockchain technology. 

  • Wealthy bat colonies are supported by AI to determine their interests. 

  • This in turn guides what the bat money is spent on.

Human roles: Most money is expected to go on micropayments to human agents in return for pro-nature actions that benefit the spending species. 

  • Humans (e.g. from nearby settlements) may also work as paid data gatherers to check the bats are indeed surviving. 

  • Call it “Uber for nature” if you will, creating opportunities for human employment. 

Why it matters: The natural world is a vital contributor to human financial well-being. 

  • Many sectors (tourism, agriculture, manufacturing) need natural resources. 

  • Tehanu says other species should participate in our economy in order to survive.

  • And thereby ensure that our financial systems can continue to draw on them.

Chances of success: Tehanu is not a proven business. It’s not (yet) a safe investment. 

  • But it has undergone successful trials. 

  • It has powerful backers, including the Rwandan government.

  • And it could scale to have global impact.

Stark contrast: The same, alas, cannot be said about many likely outcomes at COP 29.  

  • Dubbed the “Finance COP”, the focus is on equitable financial frameworks.

  • Africa clearly needs more investment to tackle climate adaptation and mitigation. 

The reality: Long discussed funds, including for biodiversity on the continent, are stuck. 

  • Africa continues to pitch and lament severe climate impact.

  • But it hasn’t secured a significant share of global funding totals.

The effort: Not for lack of trying. Hundreds of officials are engaged year-round.

  • African COP delegates seek new ways to unlock funds from historical emitters.

  • Their leaders argue that the “polluter pays” principle is not being applied.

Detail focus: The African Group of Negotiators aims to secure specific wins.

  • Increased public climate funding with a focus on adaptation.

  • Reforms in global financial architecture to facilitate easier access to cash.

  • Blended finance as a specific means to mobilise capital for projects.

At the core: African leaders have agreed to push a New Collective Quantified Goal (NCQG). 

  • This robust measure reflects actual needs rather than aspirational targets.

  • It aims to set a new collective target exceeding the existing $100 billion annual goal.

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