Tackling biodiversity loss in Africa

The World Bank is actively collaborating with African governments and the private sector to tackle the triple planetary crisis that poses a significant threat to humanity - climate change, pollution, and biodiversity loss. CNBC Africa's Flora Limukii engaged in a conversation with Valerie Hickey, the Global Director of Environment, Natural Resources, and the Blue Economy at the World Bank during the 7th Global Policy Forum on Natural Capital. The forum, hosted by the government of Rwanda, served as a platform to discuss the importance of natural capital accounting and its integration into the decision-making processes of governments and businesses. Hickey emphasized that failing to incorporate nature and renewable natural capital into official discussions, such as in cabinet rooms and executive boardrooms, results in widespread land degradation and biodiversity loss. These consequences are especially severe in Africa, where nature plays a crucial role in driving economic growth and employment opportunities. Key Theme: Tackling biodiversity loss and promoting sustainability in Africa through natural capital accounting and strategic partnerships with the private sector. Key Points: 1. Importance of Natural Capital Accounting: Hickey highlighted the significance of integrating nature and renewable natural capital into official discussions to drive better decision-making processes. By accounting for natural resources on both land and at sea, countries can leverage these assets for economic growth and job creation, particularly in Africa where over 1 million jobs are linked to natural capital flows. 2. Role of the Private Sector: The World Bank recognizes the critical dependence of the private sector on nature and ecosystem services. By fostering partnerships with companies and financial institutions, the bank aims to raise awareness about the business implications of nature conservation. Understanding the financial risks associated with the loss of ecosystem services is essential for sustainable economic development. 3. Climate Financing and Adaptation: The World Bank has committed to investing at least 35% of its financing in climate-related projects by 2024, with a focus on adaptation efforts. Initiatives such as 'Floka' in Kenya promote locally led climate action and the development of nature-based solutions for rural and coastal communities. By mobilizing finance for adaptation technologies, the bank aims to address the challenges posed by climate change in Africa. Quote: Valerie Hickey emphasizes, 'Data can drive better decision making so that nature can be treated as an asset class that should be invested in and that can be turned into jobs and GDP.' The World Bank's agenda extends beyond climate change mitigation to include biodiversity conservation and the reduction of plastic pollution. By leveraging carbon markets and international public financing, the bank is working towards ensuring the integrity of forest carbon credits and facilitating benefit-sharing mechanisms to support conservation efforts. Through strategic partnerships and financial interventions, the World Bank aims to combat biodiversity loss, plastic pollution, and climate change while promoting sustainable development in Africa and beyond.