Browsing: greenhouse gas emissions in Africa

Carbon credits snapped up by Saudi firms in a Nairobi auction.

The demand for carbon offsets is rapidly growing in Africa, unlocking billions for the climate finance needs of economies. Kenya recently hosted a carbon credits auction. The auction is the world’s largest sale, where firms from Saudi Arabia bought more than 2.2 million tonnes of certified carbon credits.…

Carbon credits market to steer economic growth in Africa in 2023

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 …