_By Abbas Nazil_
African Development Bank (AfDB) President, Dr. Akinwumi Adesina has criticised foreign companies for unfair pricing of Africa’s natural resources, describing it as “carbon grabs”.
In a scathing critique of the international carbon credit market, the out-going President of the AfDB said while credits in European markets can fetch up to €200 per tonne, those sourced from African countries are often sold for as little as $3 per tonne.
Adesina told the Financial Times, in an exclusive interview that the disparity in carbon credit pricing is significant and unfair to Africa.
This vast gap, he argued, undermines Africa’s environmental contributions and robs the continent of fair economic value for its climate mitigation efforts.
Adesina lamented that foreign entities continue to profit from Africa’s environmental resources, purchasing carbon credits from initiatives such as deforestation prevention and cookstove programs.
Although these schemes are designed to reduce emissions—such as by replacing firewood-dependent cooking—they have frequently been questioned or discredited, leading to further devaluation of Africa’s carbon assets.
He warned that this trend not only constitutes economic exploitation but also displaces critical natural resources like forests and land, which are essential for African communities.
The AfDB chief also called for a re-evaluation of how African nations’ GDPs are calculated. He stated that natural resources—including oil, gas, minerals, metals, biodiversity, and carbon sequestration—are often excluded from national economic assessments, resulting in a skewed picture of Africa’s true wealth.
If these assets were properly valued, Adesina argued, African nations could gain improved access to financing and investment opportunities, enabling broader development and economic empowerment.
Addressing Africa’s pressing energy demands, Adesina criticized the ideological stance some international institutions take toward renewable energy, particularly the reluctance to fund natural gas projects.
With millions on the continent lacking access to electricity, he emphasized that Africa must leverage its hydrocarbon resources to fuel its development, rather than being restricted by external environmental policies.
“Africa cannot be sitting on massive resources and remain poor,” he said, urging for a practical approach that balances sustainability with the continent’s developmental needs.
With trade friction intensifying globally, Adesina also called for a pivot from aid dependency to trade and investment, advocating for Africa to chart its path through strategic responses to global economic shifts.
He likened the situation to navigating turbulence in flight—challenging, but not insurmountable with the right leadership.
As his tenure nears its end in September, Adesina’s push for greater recognition of Africa’s economic potential has taken center stage.
His leadership has seen the AfDB expand its influence with over $300 billion in authorized capital, supporting infrastructure, agriculture, and energy projects across the continent.
He also spearheaded the creation of the African Financing Stability Mechanism to assist nations in debt distress, and advocated for the establishment of an African rating agency to challenge biased risk assessments by major international agencies like Moody’s and S&P.
Adesina’s strong stance on economic justice and resource equity is expected to shape discussions at the AfDB’s annual meeting in May, where the search for his successor and the future direction of the bank will dominate the agenda.
