Understanding the economics of conservation amid global warming

As Africa gears up to host the first ever Climate Action Summit, the continent is faced with high expectations and critical discussions on the economics of conservation. Nancy Githaiga, Country Director at Africa Wildlife Foundation, emphasizes the importance of financing for climate action. She highlights the need for sustainable financial resources to support mitigation, adaptation, and resilience efforts in the face of extreme climate events such as the prolonged drought in the Horn of Africa. The upcoming summit is seen as a precursor to COP28, where tangible commitments and actions from nations will be crucial. Biodiversity is positioned as Africa's sovereign wealth and a key solution to climate change. Githaiga underscores the pivotal role of biodiversity in providing ecosystem services like water, fertile soils, and wildlife conservation. She sees Africa's vast land potential for agriculture as a significant resource that could contribute to global food security. Biodiversity, in her view, is not just a challenge but a critical solution for mitigation and adaptation strategies against climate change. The pressing issue of funding for conservation efforts in Africa calls for innovative solutions to attract green investments. With a funding gap of approximately $2.4 trillion across the continent, Githaiga sees opportunities in Africa's large population size and youthful demographic. The continent's low carbon emissions present a unique chance for green growth and sustainable development. Factors such as abundant renewable energy sources and natural resources position Africa as a promising market for green technology and investment. Investment in seed capital and financing is deemed essential to unlock Africa's potential for conservation and economic growth.