Speaking at the Africa Climate Summit, US Special Presidential Envoy for Climate John Kerry, emphasized the pressing need for the expansion of the carbon market as a crucial tool in the global fight against climate change.
Leaders gathered at the summit are promoting market-based financing mechanisms like carbon credits to accelerate funding from wealthy nations, which has been slow to materialize.
Kerry underscored the potential benefits for Africa and the global South, emphasizing that for the carbon market to be effective, it must grow substantially, reaching billions in market value.
He stressed the importance of ensuring the environmental integrity of this market, as it is critical not only for climate protection but also for fostering a robust carbon trading environment.
Kerry stated, “People won’t take the risk of getting involved in a market that doesn’t have the right standards and guidelines.”
The inaugural Africa Climate Summit, themed “Driving Green Growth and Climate Finance Solutions for Africa and the World,” is ongoing until Wednesday.
Organized by the African Union Commission in collaboration with Kenya, the summit provides African nations with a platform to develop specific climate action plans, secure corresponding resources and investments, advocate for changes in the global financial system, share knowledge and viable solutions, and update their development and climate strategies.
President William Ruto expressed gratitude to leaders across the continent for responding to the call for the climate summit, recognizing it as a pivotal step towards a future characterized by collaborative partnerships that prioritize African prosperity, inclusive growth, and a sustainable planet.
With over 20 current and former heads of state among the 30,000 delegates attending the summit, the event boasts a high-profile lineup, including UN Secretary-General António Guterres and senior officials from USAID.
