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.