2023-Public-Sector-Perspectives

Peter Sullivan Head of Public Sector Africa, Citi Congo Basin Maintains High Levels of Biodiversity and Natural Resources That Need to be Managed, Maintained and Monetized T he 2022 Conference of Parties (COP27) on climate change has been characterized as the African COP and has rightfully shed a spotlight on the vulnerabilities and negative impact of climate change on the continent. But equally the framing of the climate crisis at COP27 has highlighted the strength and capacity of the region to combating the effects of global warming. To aptly borrow and paraphrase a quote from Rudyard Kipling’s The Jungle Book — The strength of the global environment is the rainforest and the strength of the rainforest is the global environment. Franco Romano Public Sector Group, Citi Josefina Rochette Public Sector Group, Citi The Congo Basin is the oldest, densest, and most ecologically significant rainforest in the world. It is the second largest tropical rainforest on the planet and the only remaining net carbon sink on earth. Situated in Central Africa, it sweeps 3.7 million km 2 across Cameroon (11.8%), the Central African Republic (3.4%), the Democratic Republic of the Congo (54%), the Republic of the Congo (12.4%), Equatorial Guinea (1.3%) and Gabon (17.7%). It supports 1,200 species of birds, c. 700 species of fish, 400 species of mammal and c. 10,000 species of tropical plants, 80% of which are native to the region. The Congo Basin is of vital importance at a global, regional and local scale. Approximately 90 million people from almost 150 different ethnic groups live throughout the basin and depend on the forest for food, fresh water, shelter and place of worship. In DR Congo alone, around 40 million of the country’s 70 million inhabitants depend on the rainforest for their livelihood. Citi Perspectives for the Public Sector 77