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The President of Kenya William Ruto inaugurated the maiden Africa Climate Summit today in Nairobi. Co-hosted by Kenya and the African Union (AU), the summit brought together African leaders, development partners, intergovernmental organisations, the private sector, academia, civil society organisations, and women and youth.
The President of Kenya William Ruto inaugurated the maiden Africa Climate Summit today in Nairobi. Co-hosted by Kenya and the African Union (AU), the summit brought together African leaders, development partners, intergovernmental organisations, the private sector, academia, civil society organisations, and women and youth.
African governments see carbon credits and other market-based financing instruments as critical to mobilizing funding that has been slow to arrive from rich-world donors. It’s high time Africa should flip and look at it from a different perspective. It must see in green growth not just a climate imperative but also a fountain of multi-billion dollar economic opportunities that Africa and the world are primed to capitalise on, stated Ruto.
More than 20 presidents and heads of government are expected to attend the summit from 5th September. They plan to issue a declaration outlining Africa’s position ahead of a U.N. climate conference later this month and the COP28 U.N. summit in the UAE in late November.
This initiative intends to boost Africa’s carbon credit production 19-fold by 2030 and it drew hundreds of millions of dollars of pledges on its opening day. One of the most pivoted deals was from the United Arab Emirates (UAE), which committed to buying $450 million of carbon credits from the Africa Carbon Markets Initiative (ACMI).
The ACMI was launched at Egypt’s COP27 summit last year. African leaders are pushing market-based financing instruments such as carbon credits, which allow polluters to offset emissions through activities like planting trees or investing in renewable energy projects.
The summit’s main theme is “Green Growth and Climate Finance for Africa and the World.” It sets out to design and catalyse actions and solutions for climate change in Africa. According to the summit’s concept note, the goal is to make Africa a centre of global green growth initiatives.
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The oil-producing UAE has been positioning itself as a climate financing leader in Africa. Emirati company Blue Carbon has been in discussions with Liberia and Tanzania to set up carbon credit trading by overseeing the conservation of their natural resources.
