The Africa Carbon Markets Initiative and Rwanda's Ireme Invest seek to mitigate global warming.
On Tuesday, a new initiative to expand Africa's participation in voluntary carbon markets was launched at the 27th session of the Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change being held in Sharm El-Sheikh.
Led by a 13-member steering committee of African leaders, CEOs, and carbon credit experts, the Africa Carbon Markets Initiative (ACMI) was launched to support the growth of carbon credits production, create jobs and protect biodiversity in Africa.
ACMI announced a bold ambition for the continent to reach 300 million credits offered annually by 2030. This level of supplies would unlock US$6 billion in income and support 30 million jobs. By 2050, ACMI is targeting over 1.5 billion credits annually in Africa, leveraging over US$120 billion and supporting over 110 million jobs.
A number of African nations including Kenya, Malawi, Gabon, Nigeria and Togo shared their commitments to collaborating with ACMI to scale up carbon credit production via voluntary carbon market activation plans.
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On Tuesday, Rwanda also launched a new green investment facility to spur investment in the private sector-led green growth in the country by availing sustainable finance.
Dubbed Ireme Invest, the investment facility with US$104 million initial capitalization provided by the Development Bank of Rwanda and other partners, was launched as a side event at the COP27.
"Ireme Invest embodies Rwanda's commitment to achieving tangible results toward a green economy through public-private partnerships in key areas," Rwandan President Paul Kagame said, noting that climate adaptation requires big changes in how countries produce and consume energy.