FT News Briefing Africa’s green superpower
Oct 6, 2021
Explore Gabon's ambitious journey to become a 'green superpower' by leveraging its vast tropical forests. The conversation shifts to the rising premiums in private equity, signaling potential market bubbles reminiscent of past crises. Additionally, a whistleblower reveals troubling choices made by a major social media platform, prioritizing engagement over user safety. Dive into the implications of these economic and environmental developments as Gabon strives for sustainability amid climate change challenges.
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Gabon's Rainforest
- Gabon, an oil-rich nation, possesses a vast section of the Congo Basin rainforest.
- David Pilling visited this rainforest, observing elephants, monkeys, and birds.
Gabon's Green Superpower Vision
- Gabon aims to become a "green superpower" by valuing its rainforest for carbon absorption, not timber.
- They plan to sell carbon credits to offset emissions, capitalizing on their status as a net carbon absorber.
Gabon's Complaint
- Gabon received a $17 million payment from CAFI for preserving its forests, but they believe the methodology is flawed.
- CAFI rewards forest restoration, while Gabon wants recognition for its already intact rainforest.