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Browsing: carbon credits
- There is a Climate Funding gap of 40 billion dollars in blue carbon, yet no Kenyan firms are undertaking it.
- According to the World Bank, Kenya remains vulnerable to frequent climatic shocks that pose significant economic risks.
- The East African country has been gravely affected by changing weather patterns and a fall in disposable income available for necessities.
Despite their considerable potential, Kenya is foregoing billions of dollars in untapped climate financing opportunities. While many startups are entering this sector, industry experts argue that the current figure remains insufficient to combat climate change adequately.
Pangea Accelerator, an investment platform that provides funding for startups and small and medium enterprises (SMEs), says that the region needs to grow the number of startups, fully focusing on the environment. The Founder of Pangea, Jonas Tesfu, says that as a country, Kenya needs to have a lot of innovative businesses join climate change initiatives …
The Conference of the Parties (COP) to the United Nations Framework Convention on Climate Change (UNFCCC) represents an important international forum for countries to discuss and address global climate change issues. However, these conferences have tended to be high-level and process-based, and COP 27 was no exception. – negotiations took place, and some of the highlights included the historic establishment of the loss and damage fund, which was seen as setting a precedent for climate justice.
However, agreements on other matters, such as phasing out fossil fuels and setting emission peak periods, were not achieved. For African countries, COP 28 marks an important pivot point around funding, just transition, and the Nairobi Declaration. There will be a push for realisations on commitments made and innovative funding mechanisms to drive accelerated climate action now and beyond.…
International delegates have gathered in Nairobi, Kenya, hoping to make further progress towards a landmark treaty to address global plastic pollution. The meeting is happening at the UNEP headquarters as negotiators seek to solve the scourge of pollution resulting from more than 430 million metric tonnes of plastic waste produced annually.
More than 2,000 delegates have attended the global plastics summit. They include representatives from environmental organisations, the oil and gas industry, and civil society groups. The delegates in Nairobi will mull two options: a wide-ranging strategy targeting plastics production or a limited approach focussed on waste management.…
Therefore, carbon trading—producing and selling carbon offsets is becoming a new, lucrative, and transformative business in Tanzania. At least 20 companies are venturing into climate action-inspired business, pouring over $20 billion worth of investment.…
The carbon credits market is gaining momentum as one of the lifeline sectors in a depressed global economy. African nations have been exploring this novel market as one way to offset their bulging debts and raise loans by selling carbon credits, thereby unlocking billions for climate finance and economic development in the continent.
Climate change has had disastrous consequences especially for African countries but seemingly, nature now has the potential of providing developing nations with an economic boost.
Most African economies have been hanging on by a thread, in the wake of the myriad existential challenges that have bombarded the continent in the recent past. From climate induced natural disasters, food insecurity, political instability, civil unrest to heavy indebtedness as the aftermath of the Covid-19 pandemic and the Russian-Ukraine war.
As the deleterious effects continue to reverberate across the continent, inflation rates have gone through the roof in many nations …
The continent comes in last in terms of funding and green development mechanisms in the global carbon market, which increased by 164% to a record $851 billion last year.
The largest market for trading carbon credits is in Africa, but what are the responsibilities of the sellers and buyers? Munyazikwiye questioned.
According to Mohamed Adow, the founder of the climate think tank Power Shift Africa, “Rich countries do not want to decarbonize their economies. It’s a sky trap. Rather than cutting emissions, they pay poor countries to run projects that lower emissions and take credit for that. Africa doesn’t have emissions to cut, but emissions to avoid.”
Adow urged all African leaders to take the helm of climate talks in their nations because “you need to choose the appropriate climate path if you’re the least developed and confront the highest climate vulnerabilities.”…