The pledges announced on Monday are a significant step forward for Africa, which is one of the most vulnerable continents to climate change.
Hundreds of millions of dollars were pledged on Monday for African carbon credits at the continent’s first climate summit. The pledges came from investors, governments, and development banks, and are aimed at boosting Africa’s carbon credit production 19-fold by 2030.
Carbon credits are units that are traded to offset greenhouse gas emissions. They can be generated by projects that reduce emissions, such as planting trees or investing in renewable energy.
The pledges announced on Monday are a significant step forward for Africa, which is one of the most vulnerable continents to climate change. However, many African campaigners have opposed the summit’s approach to climate finance, saying that carbon credits are a pretext for continued pollution by wealthier countries and corporations.
The summit is also being overshadowed by the ongoing war in Ukraine, which has raised concerns about the availability of funding for climate projects.
Despite these challenges, the pledges announced on Monday are a sign of growing momentum for climate action in Africa. The continent is home to some of the world’s most ambitious climate targets, and these pledges will help to support those efforts.
Here are some of the key details of the pledges:
- The United Arab Emirates pledged $450 million to buy carbon credits from Africa.
- The UK pledged £49 million ($62 million) for UK-backed projects in Africa.
- Germany pledged €60 million ($65 million) to Kenya to support green projects.
- Climate Asset Management, a joint venture of HSBC Asset Management and Pollination, pledged $200 million for projects that will produce ACMI credits.
- The pledges were welcomed by many African leaders, who see them as a sign of international commitment to supporting Africa’s climate goals.
“This is a major milestone for Africa’s climate action,” said Kenyan President William Ruto. “It shows that the world is finally taking seriously the need to invest in Africa’s green transition.”
However, some African campaigners have criticized the summit’s approach to climate finance, saying that carbon credits are a pretext for continued pollution by wealthier countries and corporations.
“Carbon credits are a scam,” said Nnimmo Bassey, a Nigerian environmental activist. “They allow polluters to continue emitting greenhouse gases while pretending to be taking action on climate change.”
The pledges announced on Monday are a significant step forward for Africa, but they are not enough to meet the continent’s climate needs. More ambitious action is needed from both Africa and the international community.