Hundreds of millions of dollars pledged for African carbon credits at climate summit
NAIROBI - An initiative to boost Africa's carbon credit production 19-fold by 2030 drew hundreds of millions of dollars in pledges on Monday, as Kenyan President William Ruto opened the continent's first climate summit.
Carbon credits can then be bought by companies to offset emissions they are unable to cut from their own operations to help meet climate targets. One credit is equivalent to saving or avoiding one ton of carbon dioxide. Several speakers at the summit said they had seen little progress toward accelerating climate financing because investors still saw the continent as too risky.
He said African states would push at the COP28 U.N. climate summit in Dubai, at the end of November, for the expansion of special drawing rights at the International Monetary Fund that could unlock $500 billion worth of climate finance, which could be leveraged up to five times. The $450 million commitment by UAE Carbon Alliance, a coalition of private sector players, was announced by Hassaan Ghazali, an investment manager at the UAE Independent Climate Change Accelerators .
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