(MENAFN- Caribbean News Global) BRAZIL – African Development Bank Group president Sidi Ould Tah has reaffirmed the institution's commitment to transforming“promises into progress,” highlighting the Bank's status as the first multilateral development institution to achieve financing parity between climate adaptation and mitigation.

Speaking at the Belém Climate Summit, which brings together world leaders in Brazil ahead of COP30 to review progress on the Paris Agreement, Dr Ould Tah underscored the Bank's determination to intensify climate action.

“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,” he told the plenary during a session on Climate and Nature: Forests and Oceans.

African delegates highlighted the continent's critical role in global climate stability. The Republic of Congo noted that Africa-home to 17 percent of the world's tropical forests-loses an estimated 3.7 million hectares annually, while Nigeria's vice president Kashim Shettima called for new mechanisms to safeguard forests and oceans.

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

Bank president Ould Tah emphasised that Africa's ecosystems are not just natural assets but vital climate regulators.“The Congo Basin is a compelling example - it holds the world's largest tropical peatlands, storing about 29 billion tons of carbon, equivalent to three years of global emissions.”

He outlined the bank's climate strategy, guided by its Four Cardinal Points, which focus on mobilising capital for green growth, promoting debt-for-nature swaps, empowering women and youth in environmental protection, and investing in resilient, nature-friendly infrastructure.

Tropical forests forever facility

On Thursday, Dr Ould Tah joined Brazilian President Luiz Inácio Lula da Silva to launch the Tropical Forests Forever Facility, a global fund designed to support countries sharing the Amazon and Congo Basins, as well as other tropical forest regions.

“The African Development Bank warmly welcomes Brazil's historic 'Tropical Forest Forever' initiative,” Ould Tah said, calling it a milestone in global climate solidarity.“This visionary partnership aligns with our biodiversity programs, such as the Congo Basin Forest Fund and the Central African Forests Commission.”

Integrating natural wealth into national accounts

As COP30 negotiations resume on November 10, delegates are expected to pursue progress on the New Collective Quantified Goal (NCQG) for climate finance, which commits developed countries to mobilise at least $300 billion annually by 2035 for developing nations.

With those commitments yet to materialise, the African Development Bank is helping the continent explore innovative financing solutions. In 2024, the bank published“Measuring the Green Wealth of Nations,” a report urging African governments to incorporate natural capital into their GDP calculations.

By valuing natural ecosystems as economic assets, the report argues, African countries can strengthen their creditworthiness and attract the investment needed to drive a sustainable, low-carbon future.

The African Development Bank Group at COP30

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