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 .
Norge Siste Nytt, Norge Overskrifter
Similar News:Du kan også lese nyheter som ligner på denne som vi har samlet inn fra andre nyhetskilder.
Hundreds of millions pledged for African carbon credits at inaugural climate summit By ReutersHundreds of millions pledged for African carbon credits at inaugural climate summit
Les mer »
Thousands evacuated, flights cancelled as Taiwan girds for Typhoon Haikui By ReutersThousands evacuated, flights cancelled as Taiwan girds for Typhoon Haikui
Les mer »
North Korea stages 'tactical nuclear attack' drill By ReutersNorth Korea stages 'tactical nuclear attack' drill
Les mer »
Rain and mud leave Burning Man revelers stranded in Nevada desert By ReutersRain and mud leave Burning Man revelers stranded in Nevada desert
Les mer »
Australia says it will send more police to Solomon Islands, extend mission By ReutersAustralia says it will send more police to Solomon Islands, extend mission
Les mer »
Russia's Medvedev: Japan's 'militarisation' complicates Asia-Pacific By ReutersRussia's Medvedev: Japan's 'militarisation' complicates Asia-Pacific
Les mer »