Various governments and organisations have announced deals and investments worth hundreds of millions of dollars on day one of the Africa Climate Summit (ACS) (from September 4 to 6) which runs alongside the ongoing Africa Climate Week (September 4 to 8), both held in Kenya.
Opening the inaugural Africa Climate Summit, Kenya’s President William Ruto said “It is time to break out of the shackles of low ambition.”
On Monday, the first day of the summit, the United Arab Emirates (UAE) committed to buying $450 million of carbon credits from the Africa Carbon Markets Initiative (ACMI).
Instigated by the High-Level Champion’s first regional finance event and launched at Egypt’s COP27 co-sponsored by SEforAll, GEAPP, UNECA and Rockefeller Foundation, ACMI seeks to unlock the potential of voluntary carbon markets for financing Africa’s energy, climate and development goals.
Climate Asset Management – a joint venture of HSBC Asset Management and Pollination, a specialist climate change investment and advisory firm – also announced a $200 million investment in projects that will produce ACMI credits
The Democratic Republic of Congo’s Rawbank and global energy trader Vitol announced a $20 million investment in renewable energy, clean cooking and forest conservation in Congo.
Germany announced a 60-million euro ($64.76 million) debt swap with Kenya to free up money for renewable energy and sustainable agriculture. Germany also expressed support for Just Energy Transition Partnerships.
The UK announced new climate finance and resilience projects worth £49m to be delivered across Africa. This includes £34 million for new projects across fifteen African countries to help women, at-risk communities, and more than 400,000 farmers build resilience against the effects of climate change.
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