Africa confronts significant environmental challenges, which include land degradation, deforestation, loss of biodiversity, and heightened vulnerability to climate change. However, the continent—home to approximately 15 percent of the global population and various iconic species—possesses immense potential for sustainable development and environmental conservation.
The region is endowed with abundant natural resources encompassing arable land, water, oil, natural gas, minerals, forests, and wildlife. Africa holds a substantial share of the world’s natural resources, both renewable and non-renewable.
Specifically, Africa is home to approximately 30 percent of the world’s mineral reserves, 8 percent of the global natural gas resources, and 12 percent of the world’s oil reserves. Furthermore, the continent possesses 40 percent of the world’s gold and up to 90 percent of its chromium and platinum. Notably, the largest reserves of cobalt, diamonds, platinum, and uranium are located in Africa. The continent also accounts for 65 percent of the world’s arable land and 10 percent of the planet’s renewable freshwater sources.
In numerous African nations, natural capital constitutes between 30 percent and 50 percent of total wealth, with over 70 percent of individuals residing in sub-Saharan Africa reliant on forests and woodlands for their livelihoods. Land serves as both an economic asset and a socio-cultural resource.
Nevertheless, a considerable share of these resources is utilized unsustainably, and many are lost to illicit activities, resulting in a diminished stream of benefits derived from these resources over time. For instance, Africa experiences an estimated loss of USD 195 billion annually in natural capital due to illicit financial flows, illegal mining, illegal logging, the unlawful trade in wildlife, unregulated fishing, and environmental degradation.
In summary, the continent stands to gain significantly by collaborating to harness its vast natural resources to fund the development agenda, thereby fostering greater prosperity. It is imperative to ensure that future growth and resource exploitation are oriented towards results, resilient to climate change, and sustainable in nature.