NAIROBI, March 26 (Xinhua) -- Climate change experts began a two-day meeting in Nairobi, the capital of Kenya, Tuesday to promote carbon markets in Africa.
The Carbon Markets Conference 2024 brought together more than 200 participants, including government officials, financiers and project developers from around the world, to share knowledge on carbon market opportunities on the continent.
In his opening remarks, Musalia Mudavadi, Kenya's prime cabinet secretary and cabinet secretary for foreign and diaspora affairs, said that Kenya can seize, reduce and avoid about 30 million metric tons of carbon per year. "Our potential is to harness up to 600 million U.S. dollars annually by 2030 through the sale of high-quality carbon credits," Mudavadi said.
"Africa's contribution to global emissions is minimal, but the continent suffers disproportionately from climate change vulnerability. Yet, this is not a story of despair but one of untapped potential and opportunity. With its rich renewable energy resources, vast expanses of arable land and diverse terrestrial and marine ecosystems, Africa stands at the cusp of sustainable economic growth and green industrialization," Mudavadi added.
He said that the conference demonstrates Nairobi's commitment to building momentum created by the first-ever Africa Climate Summit that Kenya hosted in September 2023 under the leadership of President William Ruto. According to Mudavadi, carbon markets have emerged as a pivotal financial instrument that can catalyze climate action by providing a flow of carbon finance to stimulate green growth. ■