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African nations facing fiscal challenges are aiming for a significantly larger share of the projected $2 billion carbon credit market, which is anticipated to expand fivefold by 2030. Despite having the world's second-largest rainforest and vast carbon-absorbing ecosystems like mangroves and peatlands, Africa currently only contributes 11% of global offsets.
During the inaugural climate summit on the African continent, Kenyan President William Ruto launched an ambitious initiative to increase Africa's carbon credit production by a remarkable 19-fold by 2030. This initiative received pledges totaling hundreds of millions of dollars.
President Ruto highlighted Africa's potential, stating that these ecosystems could absorb millions of tons of CO2 annually, translating into billions of dollars in revenue.
The primary objective of the three-day Nairobi summit is to present Africa as an attractive destination for climate investment, moving away from portraying the continent solely as a victim of climate-related challenges like floods and droughts.
African governments recognize the importance of carbon credits and other market-based financing mechanisms to mobilize funds, which have been slow to materialize from wealthy donor nations. A report from the non-profit Climate Policy Initiative last year revealed that Africa had only received about 12% of the required funds to address climate change impacts.
Host President Ruto emphasized that it's time to view green growth not just as a climate imperative but also as a source of multi-billion dollar economic opportunities for Africa and the world.
During the summit, the United Arab Emirates pledged to purchase $450 million worth of carbon credits from the Africa Carbon Markets Initiative (ACMI). Climate Asset Management, a partnership between HSBC Asset Management and Pollination, also committed $200 million to projects aimed at generating ACMI credits.
During the ongoing African Climate Summit in Nairobi, the United Kingdom has revealed plans to introduce UK-supported initiatives worth £49 million ($62 million). In a similar vein, Germany has announced a €60 million ($65 million) debt swap agreement with Kenya, facilitating funding for environmentally-friendly projects.
The primary goal of the African Climate Summit is to address Africa's climate challenges with solutions led by Africans themselves. An essential objective of this summit is to establish a unified African position for COP28, scheduled for November in UAE-Dubai.
At the summit's conclusion, all participating African leaders will endorse the Nairobi Declaration on Climate Change. This declaration will outline Africa's proposed measures to combat the climate crisis, with a strong emphasis on the importance of renewable energy.
Africa possesses significant renewable energy potential, with the capacity to generate up to 40% of the world's solar power. However, its current contribution to global solar energy production is only 1%. Similarly, the continent has harnessed less than 1% of its wind energy potential.
During the inaugural climate summit on the African continent, Kenyan President William Ruto launched an ambitious initiative to increase Africa's carbon credit production by a remarkable 19-fold by 2030. This initiative received pledges totaling hundreds of millions of dollars.
President Ruto highlighted Africa's potential, stating that these ecosystems could absorb millions of tons of CO2 annually, translating into billions of dollars in revenue.
The primary objective of the three-day Nairobi summit is to present Africa as an attractive destination for climate investment, moving away from portraying the continent solely as a victim of climate-related challenges like floods and droughts.
African governments recognize the importance of carbon credits and other market-based financing mechanisms to mobilize funds, which have been slow to materialize from wealthy donor nations. A report from the non-profit Climate Policy Initiative last year revealed that Africa had only received about 12% of the required funds to address climate change impacts.
Host President Ruto emphasized that it's time to view green growth not just as a climate imperative but also as a source of multi-billion dollar economic opportunities for Africa and the world.
During the summit, the United Arab Emirates pledged to purchase $450 million worth of carbon credits from the Africa Carbon Markets Initiative (ACMI). Climate Asset Management, a partnership between HSBC Asset Management and Pollination, also committed $200 million to projects aimed at generating ACMI credits.
During the ongoing African Climate Summit in Nairobi, the United Kingdom has revealed plans to introduce UK-supported initiatives worth £49 million ($62 million). In a similar vein, Germany has announced a €60 million ($65 million) debt swap agreement with Kenya, facilitating funding for environmentally-friendly projects.
The primary goal of the African Climate Summit is to address Africa's climate challenges with solutions led by Africans themselves. An essential objective of this summit is to establish a unified African position for COP28, scheduled for November in UAE-Dubai.
At the summit's conclusion, all participating African leaders will endorse the Nairobi Declaration on Climate Change. This declaration will outline Africa's proposed measures to combat the climate crisis, with a strong emphasis on the importance of renewable energy.
Africa possesses significant renewable energy potential, with the capacity to generate up to 40% of the world's solar power. However, its current contribution to global solar energy production is only 1%. Similarly, the continent has harnessed less than 1% of its wind energy potential.