The African Development Bank and its partners convened in Kinshasa to bolster funding initiatives aimed at preserving the Congo Basin forests.
Over 700 stakeholders, including ministers and senior officials from the region, participated in the 20th meeting of the parties of the Congo Basin Forest Partnership.
Key Recommendations for Forest Preservation
The meeting, which concluded on June 5th, yielded several key recommendations: developing a post-2025 mobilization strategy, enhancing coordination of funding initiatives, and strengthening countries’ capacities to value their natural resources.
The creation of inclusive financial mechanisms to attract private investment in sustainable forest management was also emphasized.
Participants included ministers, senior officials, experts, development partners, as well as members of civil society and the private sector. This diverse participation underscores the critical importance placed on preserving the Congo Basin forests.
Panels and Financial Commitments
Led by Al Hamndou Dorsouma, a delegation from the Bank Group organized several panels in partnership with German cooperation.
One panel assessed the financial commitments of the 2021-2025 Glasgow Declaration, including the $1.5 billion pledged for forest protection and $1.7 billion for indigenous peoples. The Fair Deal Task Force report was also discussed, proposing sustainable financing strategies.
Another panel focused on innovative financing mechanisms, highlighting the need for improved coordination and transparency.
Charlotte Eyong, the African Development Bank’s Regional Climate Change and Green Growth Officer for Central Africa, emphasized the importance of optimizing existing funding and fostering integrated strategic planning for investment projects.
Challenges and Proposed Solutions
Despite the existence of various financial mechanisms, their implementation remains limited, and private sector participation is low. A key recommendation was to ensure transparency and coordination of initiatives within the Congo Basin.
Bernice Savy, the African Development Bank’s Country Economist for Gabon, proposed solutions to improve the business climate and attract more private investment. These solutions include capacity building on innovative climate finance mechanisms, utilizing blended finance, and developing bankable projects.
Commitments and Future Outlook
Al Hamndou Dorsouma stressed the importance of overcoming challenges in accessing climate finance. He mentioned various innovative financial instruments, such as payments for ecosystem services and carbon markets, emphasizing the need to increase private investment.
At the opening of the meeting, Prosper Dodiko, Burundi’s Minister of Environment, Agriculture, and Livestock and current chair of the Council of Ministers of the Central African Forestry Commission, underscored the urgency of finding concrete solutions to address climate change.
In closing, Ève Bazaiba, DRC’s Minister of State for Environment and Sustainable Development, called on partners to honor their commitments to protect ecosystems and limit global temperature rise to 1.5° Celsius.
Organized in collaboration with the Central African Forestry Commission and other partners, this meeting is crucial in the fight against climate change and the protection of biodiversity. Concerted efforts and innovative financing are essential to ensure a sustainable future for the Congo Basin forests.