• More than 200 countries agreed upon the COP29 climate deal despite the chaos.
• The deal would provide $300 billion yearly by 2035, increasing rich nations’ earlier pledge to provide $100 billion annually in climate finance by 2020.
• Rising inflation and geopolitics like Russia’s war in Ukraine and growing turmoil in the Middle East have caused Western countries to view global warming slide down their list of national concerns.

A $300 Billion COP29 Climate Deal

On Sunday, countries attending COP29 in Baku set a $300 billion annual global financing target to assist less developed countries in dealing with the effects of climate change, an agreement their intended receivers denounced as woefully inadequate.

Conceded in overtime at the two-week summit in Azerbaijan’s capital, the deal was expected to give impetus for global initiatives to slow global warming in a year likely to be the hottest on record.

In the COP 29 plenary …

• Nigeria is pioneering the journey towards getting a strong foothold in the carbon credit market.
• The nation is aligning as part of continental effort under the African Carbon Markets Initiative (ACMI) that aims to mobilize up to $100 billion carbon credits per year by 2050.
• During the COP29 talks, Canada and Nigeria announced an alliance to create an innovative carbon credit model to support Abuja’s economic and ecological development. 

The African continent is facing increasing climate change impacts that are increasingly chocking the life of its struggling economies. With policymakers running out pf options to counter the economic slide, the emergence of the African Carbon Markets Initiative (ACMI) offers innovative options that could help unlock the continent’s carbon credit potential. A number of countries such as Nigeria are emeging as pioneers in tapping the gains that carbon markets present.

At this year’s United Nation Climate Change Conference of Parties …

• In Kenya, off-grid solar power is a game changer in rural parts of the country where main electricity transmission lines are yet to reach.
• Across rural homes, locals are tapping sun energy provide clean drinking water without the high costs of diesel pumps that often worsen air pollution.
• Solar power is also being used in clinics, improving medical care, including providing services during the day and emergency treatment at night.

Kenya has made significant progress in driving the adoption of solar power as part of a broad strategy to enhance the country’s switch to green energy. The East African country is equally banking on solar power use to achieve an ambitious target of electricity for all by 2030.

In Africa, Kenya leads in exploiting renewable energy sources to provide the electricity required to complement the realization of Vision 2030—accelerating transformation of the country into a rapidly industrializing middle—income nation …

• Despite its $6.2Trn natural wealth, Africa remains “green rich but cash poor.”
• Projections show that had carbon sequestration alone been accounted for, Africa’s nominal GDP in 2022 could have increased by $66.1Bn.
• In Europe, carbon prices can reach as high as $200 per tonne, yet the same credits are traded for as little as $3 to $10 per tonne in Africa.

At the 29th Conference of the Parties (COP29) in Baku, Azerbaijan, African leaders are pushing for a fair valuation of the continent’s natural riches—spanning vast forests, carbon sequestration capabilities, and ecosystem services.

They call on authorities to factor them into calculating Gross Domestic Product (GDP). This bold move aims to redefine wealth on a global scale by integrating the immense value of Africa’s natural assets into economic frameworks.

In a pivotal communique, African heads of state have cited the invaluable contributions of their ecosystems to global public …

• A new survey shows that trash disposal, including plastic waste, is the top concern for urban communities.
• Nearly half (46 per cent) of Africans believe citizens have a big role in addressing pollution.
• An estimated 78 per cent of Africans want their governments to do more to limit environmental pollution.

Across Africa, environmental pollution has become increasingly urgent, with two-thirds of citizens describing it as a severe community issue. From urban centers choked by trash to rural areas grappling with deforestation, the environmental challenges are as diverse as the continent.

The Afrobarometer survey reveals that trash disposal, including plastic waste, tops the list of concerns for urban communities, cited by 37 per cent of respondents across Africa.

In rural areas, deforestation takes the lead at 28 per cent. Water pollution (17 per cent), air pollution, and poor sanitation also rank high, painting a grim picture of environmental degradation across countries.…

• Mandatory IFRS sustainability reporting in Kenya will begin from 2027 to 2029.
• For the SMEs that are non-public interest entities, mandatory onboarding will begin on January 1, 2029.
• This unified framework aims to provide consistent and comparable information, benefiting investors and fostering transparency across Kenyan markets.

Kenyan firms will from 2027 be able to directly compare the performance of their Environmental, Social and Governance (ESG) initiatives with other companies globally as the country moves to adopt reporting under a common standard worldwide.

The country has initiated a plan to adopt the sustainability reporting under the International Financial Reporting Standards two (IFRS S2), designed to make public disclosures uniform, transparent, and easy to compare globally.

The Institute of Certified Public Accountants of Kenya (ICPAK) has set January 1, 2027, as the commencement date for the mandatory adoption of the sustainability reporting under the IFRS.

Under the plan, in phase one that …