BAKU, Azerbaijan – The debate around international climate finance is often interpreted to mean developing countries demand wealthier nations cover the growing climate bill. However, at the ongoing U.N. Climate Change Conference in Baku, Azerbaijan, African leaders argue they are not seeking free money. Instead, they want the world to recognize the true value of their natural resources and the role many developing countries play in protecting the global environment. The Congo Basin, which is the second-largest rainforest in the world, absorbs 1.5 billion tons of carbon dioxide annually. The Congo Basin peatlands store an additional 29 billion tons of carbon. Together, the Congo peatlands and rainforest are crucial for stabilizing the global climate. They provide a critical service for the world that African leaders argue must be taken into account when valuing the wealth of the African economies that support a livable planet. They are calling on the global community to appropriately recognize these services and include them in the natural capital accounting of Africa’s true wealth and gross domestic product (GDP), the measure of a country’s riches. “We are not asking for handouts,” said Paul Kagame, the president of Rwanda. Kagame wants the world to compensate developing countries for the crucial services that safeguard the global climate. “It is about the world paying for something that has tremendous value for the future,” he said. Experts argue that the undervaluation of Africa’s true wealth and GDP limits the continent’s access to financial markets, which affects credit ratings for many…This article was originally published on Mongabay
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