Africa needs to re-evaluate its natural capital, President of the ADB Akinwumi Adesina said on the sidelines of the COP29 in Azerbaijan.
"It is time for Africa’s green environmental assets to be properly priced, allowing the continent to convert its massive green assets into wealth through their inclusion in the GDP," Adesina said, as quoted by media.
He added that in 2018, the GDP of African countries accounted for $2.5 trillion, which is 2.5 times less than the value of its natural capital, estimated at $6 trillion.
Africa is considered to have great resources of renewable energy. According to the International Energy Agency, the continent has potential to benefit from hydropower (35 gigawatt, produced in various African countries), wind power (110 gigawatt), solar power (10 terawatt) and geothermal energy sources (15 gigawatt). In total, 60% of the world’s renewable energy resources are in Africa.