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While the world is fighting for zero-carbon neutrality, Africa’s—and Kenya’s—struggle to achieve a zero-carbon footprint is being met with foreign…
At the just-concluded COP26, Africa received the short end of the stick yet again as the negotiations veered off permanent and workable solutions for the continent’s present predicament.
The deliberations from the Glasgow event show that Africa has no option but to finance its adaptation with or without the biggest polluters’ US$100 billion commitment.
Africa has to become innovative to mobilize financing with or without the pledges from the rich countries. The funding, which was due in 2020, has been pushed back to 2023 showing the lethargy the rest of the world has in addressing the real and current threat facing Africa.
Because outside of the governments, politicians, civil servants, lobbyists and pressure groups that thronged the Conference there is a cohort of entrepreneurs that are passionate about reversing climate change, that have fantastic commercially viable and innovative ideas, but who require funding and strategic support to make these ideas a reality.
And so I want to suggest that as well as taking personal responsibility for our carbon footprint and doing all that we can to minimise our negative impact on Planet Earth, we should also be investing in line with environmental, social and governance principles at all times – and ensuring that 20% of our investments in 2021/22 should be directly targeted at investments that will have a positive environmental impact.
The scope of green finance is broad and encompasses initiatives taken by both public and private entities such as financial institutions, governments and international organizations in developing and supporting sustainable impacts through key financial instruments which lay the foundations of sustainable business models and investments.
Projects that fall under the green finance umbrella include the reduction of industrial pollution and lowering the carbon footprint, climate change mitigation, biodiversity conservation, promotion of renewable sources of energy plus energy efficiency, circular economy initiatives, sustainable use of natural resources and many more.
For Africa to tackle the climate menace, it needs concerted efforts from all the above parties for desired outcomes to be reaped.
Gabon is one of few countries with a carbon-negative economy, thanks to the Congo Basin’s immense tropical forests, which absorb more greenhouse gases than the country’s companies, cars, and towns emit.
It just approved an ambitious climate law to ensure that its economic bases are on forests and agriculture rather than fossil fuels.
Outside assistance is required to attain this goal so that the government can continue to enhance living standards.
Many African countries rely on coal for electricity and have refused to sign a declaration signed by more than 40 countries this week calling for an end to the most polluting of fossil fuels.
US, EU pledge to cut global methane and greenhouse gas emissions by at least 30 per cent by 2030. 16…