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Monday, June 3, 2024
The African Development Bank has announced its official membership in the African Carbon Markets Initiative (ACMI) as of May 30. This strategic move is set to empower African countries and the private sector in securing additional resources to combat climate challenges effectively.
Dr. Kevin Kariuki, the Bank’s Vice President for Power, Energy, Climate, and Green Growth, made the announcement during a round table at the 2024 Annual Meetings of the Bank Group, held in Nairobi, Kenya.
“I am pleased to announce that the African Development Bank is now an official member of the African Carbon Markets Initiative. Through this decision, the Bank is committed to establishing a mechanism to support carbon market initiatives across our continent,” said Kariuki.
Kariuki highlighted the necessity of financial innovation and the immense potential of raising climate finance through carbon markets. He urged African countries to seize opportunities for trading carbon credits under the Paris Agreement’s compliance markets, where prices for emission reductions are significantly higher than in voluntary markets.
The event, moderated by Anthony Nyong, Director of Climate Change and Green Growth at the African Development Bank, gathered ministers of finance and heads of international organizations. They shared ideas and experiences, providing recommendations on addressing challenges and leveraging opportunities in carbon markets for African countries.
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