Dubai – 5th December, 2023: A recent groundbreaking report “Nature Stress Testing: Exposure to Nature-Related Risks Across Africa” published by The African Natural Capital Alliance (ANCA) during their co-session with FSD Africa at COP28, reveals critical insights into the dependence of 62% of African GDP on nature services. Additionally, 70% of communities in sub-Saharan Africa rely on forests and woodlands for their livelihoods. This timely release brings to light the challenges and opportunities faced by the continent as it grapples with the impact of nature-related risks. ANCA is a collaborative multi-stakeholder initiative whose mission is to catalyse nature-positive African economies.
Aligned with global efforts, countries such as Ghana, Rwanda, Zambia, Morocco, and Mauritius, signed the Kunming-Montreal Global Biodiversity Framework in 2022. ANCA, actively collaborating with financial institutions, demonstrates its commitment to fostering sustainable financial practices.
The African financial sector is gaining momentum, with 16 private financial institutions across seven countries currently piloting or in the process of piloting the Taskforce for Nature-related Financial Disclosures (TNFD) framework. ANCA’s strategic involvement underscores the alliance’s dedication to addressing nature-related risks and opportunities in the financial sector.
