Browsing: Climate change

EAC COP 28 Climate Summit | Kenya at COP28
  • 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 …

US-Africa trade relations
  • Continuing from the discussion of evolving US-Africa trade relations, a key aspect of this dynamic is the strategic objective of countering Chinese influence on the continent.
  • By 2024, Africa is poised to undergo a significant shift in geopolitical and economic dynamics, emerging as a crucial arena for global powers such as China and the US.
  • The evolving focus on Africa is driven by its transforming economic landscape, marked by rapid growth, a youthful population, and abundant resources, attracting attention from major players seeking strategic advantages.

By 2024, Africa will have witnessed the beginning of a new age in the geopolitical and economic dynamics of the world. In recent years, the continent has shifted its focus from humanitarian issues and developmental assistance to becoming an important strategic arena for the world’s leading powers, particularly China and the US. Several elements are coming together to highlight Africa’s growing importance internationally, driving this …

carbon credit trade
  • The reward for fixing the carbon credit trade could be enormous, especially for Africa’s energy transition.
  • The $2 billion global trade in voluntary carbon markets (VCMs) has suffered from greenwashing allegations, with prices plummeting from the 2022 peaks.
  • For some African climate-linked businesses, the successful functioning of the carbon credits market is not a nice one but is core to their operating strategy.

Highly indebted nations need all the financing available to support their energy transition and climate adaptation needs. With the developed world lagging on its climate funding pledges, market-based solutions provide a supplementary funding source.

Carbon credits, a tradeable instrument obtained when a tonne of carbon is avoided or withdrawn from the atmosphere, have always offered significant optimism. With swaths of carbon-capturing biodiversity in the global south, Africa has the supply, while the industrialised nations looking to offset their emissions have the demand. Buyers then channel the finances …

climate-resilient farmers
  • Creating climate-resilient farmers to address climate change has become urgent.
  • Access to finance is essential to sustain and improve the agricultural livelihoods that vulnerable rural communities rely upon.
  • Supporting small and medium-sized enterprises in rural areas supports increased employment, income, and services to rural communities.

 

East Africa is frequently impacted by food shortages and clusters of hunger due to complex mix of factors including unstable social and political environments, macroeconomic imbalances in trade and climate change.

Floods, pests, diseases are just a number of challenges hindering farmers in East Africa who rely on rainfed agriculture.

Not only these farmers are significantly limited by their marginalized conditions but also their lower capacity to adapt.

Climate change is another problem the world and this case Africa faces. It impacts the way struggling farmers navigate through crop failure and profitable market limitation.

Following the recent release of data confirming a sharp global

ESG ESG investment in Kenya
  • Kenya’s SBM Bank has announced its commitment towards increasing its ESG investment in the country.
  • The commitment is aimed at providing sustainable financing for projects that will allow access to clean, reliable, and affordable energy. 
  • The move follows a partnership between the Bank and Safer Power in renewable energy in Lukenya that will connect Stoni Athi Resort to off-grid solar power.

ESG investments in East Africa’s most advanced economy are expected to increase as SBM Bank deepens its commitment in Kenya’s sustainability drive. The commitment to prioritise financing projects aligning with Environmental, Social and Governance (ESG) is aimed at providing sustainable investments that optimise in the use of clean, reliable, and affordable energy. 

The announcement follows the partnership between the Bank and Safer Power in renewable energy in Lukenya that plans to connect Stoni Athi Resort to off-grid solar power.

“Our focus through this collaboration is to empower businesses within

Kenya at COP28 | President William Ruto
  • President William Ruto will lead Kenya at COP28 to showcase the country’s ambitious climate change strategy and advocate for sustainable development and climate resilience in Africa.
  • Kenya is pioneering clean energy solutions, notably through biodigesters, which convert organic waste into biogas and organic fertilizer, aligning with the nation’s agricultural profile and enhancing energy independence.
  • At COP28, Kenya aims to inspire global action and demonstrate that sustainable development is achievable in emerging economies, contributing significantly to the global climate change dialogue.

As the world convenes in Dubai for COP28, a significant spotlight falls on Kenya. Under President Ruto’s leadership, Kenya goes to this global summit not merely as a participant but as a catalyst for Africa in bridging climate dialogue and action.

At the heart of these discussions lies the country’s ambitious strategy to combat climate change, an approach intrinsically linked to the broader global efforts to mitigate environmental risks and …

5G Tech Spaces
  • For African universities, governments and businesses, 5G Tech Spaces are part of the solution to enable Africa to leapfrog with clean innovation.
  • Africa’s climate finance inflows remain very low, at 3 percent of global climate finance.
  • The continent requires as much as $2.8 trillion through 2030 to implement its climate commitments.

Africa’s most renowned universities are keen to be at the forefront of Research, Innovation and Outreach (RIO) of technologies, products, services and operating models that reduce CO2 emissions and help attain Net Zero Emissions (NZE).

To achieve this, the gap between rhetoric and action needs to be reduced, if we are to have a fighting chance of reaching Net Zero by 2050 and capping the rise in global temperature at 1.5 °C in full attainment of the Paris Agreement.

Africa produces only about 4 percent of the world’s emissions, but is disproportionately vulnerable to the impact of climate change. …

EAC COP 28 Climate Summit | Kenya at COP28
  • The East African Community (EAC) will approach the upcoming COP 28 Climate Summit, to be held in Dubai from November 30th to December 12th, 2023, as one bloc.
  • No country should have to choose between its development aspirations and climate change mitigation; there is a need for complementarity as opposed to competition among Partner States.
  • The move comes as the continent faces the most severe challenges, including the ongoing El-Nino floods and drought that have caused havoc due to climate change.

The East African Community has revealed its intention to present a united front at the upcoming COP 28 Climate Summit scheduled to take place in Dubai, the United Arab Emirates, from November 30th to December 12th, 2023.

Addressing participants at the EAC High-Level Forum on Climate Change and Food Security in Arusha, Tanzania, EAC Secretary-General Peter Mathuki emphasized the significance of the EAC having a unified stance as it …

carbon offsets | African carbon markets

In recent years, Africa has gained increasing attention in the climate change dialogue, especially its role in the global carbon offset market. But what exactly does this mean for the continent and the world? This article delves into the concept of carbon offsets in Africa, explores the benefits, assesses Africa’s contribution to global emissions, and examines the leading countries in carbon trading.…

climate financing | COP28 | climate change conference

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.…