🚁 Heli view: What’s green, profitable and revolutionary...?

Looking ahead to this month’s COP 29 summit in Baku, the capital of Azerbaijan, here is an example of the thinking needed to realise the potential of Africa’s green economy. 

• How to safeguard the natural world while ensuring prosperity?

Enter Tehanu: The Kenya-based company is building what it calls “interspecies money”. 

• By that, it means allocating financial resources directly to flora and fauna as “a means for nature to pay for its own survival”.

How it works: The company says it “enables a circular flow of money and data between other species and humans, ensuring we flourish together.”

• The money comes from impact bonds, philanthropy and institutional investors.

Tech involved: Each (non-human) species cluster is given a digital identity and wallet, using blockchain technology. 

• Wealthy bat colonies are supported by AI to determine their interests. 

• This in turn guides what the bat money is spent on.

Human roles: Most money is expected to go on micropayments to human agents in return for pro-nature actions that benefit the spending species. 

• Humans (e.g. from nearby settlements) may also work as paid data gatherers to check the bats are indeed surviving. 

• Call it “Uber for nature” if you will, creating opportunities for human employment. 

Why it matters: The natural world is a vital contributor to human financial well-being. 

• Many sectors (tourism, agriculture, manufacturing) need natural resources. 

• Tehanu says other species should participate in our economy in order to survive.

• And thereby ensure that our financial systems can continue to draw on them.

Chances of success: Tehanu is not a proven business. It’s not (yet) a safe investment. 

• But it has undergone successful trials. 

• It has powerful backers, including the Rwandan government.

• And it could scale to have global impact.

Stark contrast: The same, alas, cannot be said about many likely outcomes at COP 29.  

• Dubbed the “Finance COP”, the focus is on equitable financial frameworks.

• Africa clearly needs more investment to tackle climate adaptation and mitigation. 

The reality: Long discussed funds, including for biodiversity on the continent, are stuck. 

• Africa continues to pitch and lament severe climate impact.

• But it hasn’t secured a significant share of global funding totals.

The effort: Not for lack of trying. Hundreds of officials are engaged year-round.

• African COP delegates seek new ways to unlock funds from historical emitters.

• Their leaders argue that the “polluter pays” principle is not being applied.

Detail focus: The African Group of Negotiators aims to secure specific wins.

• Increased public climate funding with a focus on adaptation.

• Reforms in global financial architecture to facilitate easier access to cash.

• Blended finance as a specific means to mobilise capital for projects.

At the core: African leaders have agreed to push a New Collective Quantified Goal (NCQG). 

• This robust measure reflects actual needs rather than aspirational targets.

• It aims to set a new collective target exceeding the existing $100 billion annual goal.