Hundreds of millions pledged for African carbon credits at inaugural climate summit
NAIROBI -An initiative to boost Africa's carbon credit production 19-fold by 2030 drew hundreds of millions of dollars of pledges on Monday as Kenyan President William Ruto opened the continent's first climate summit.
Organisers of the three-day summit in Nairobi say they aim to showcase Africa as a destination for climate investment rather than a victim of floods, drought and famine. "We must see in green growth not just a climate imperative but also a fountain of multi-billion dollar economic opportunities that Africa and the world is primed to capitalise," he said.
She said Africa was still struggling to attract capital despite significant improvements to the investment environment in many countries, largely because of a perception the continent is too risky. Britain said UK-backed projects worth 49 million pounds would be announced over the course of the summit. Germany announced a 60-million euro debt swap with Kenya to free up money for renewable energy and sustainable agriculture.
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