African countries eye $2bn in carbon credits at ongoing climate summit

Fiscally challenged African nations are seeking a substantially larger portion of the projected $2 billion carbon credit market, which is expected to expand fivefold by 2030.

Despite possessing the world’s second-largest rainforest and extensive carbon-absorbing ecosystems such as mangroves and peatlands, Africa currently contributes a mere 11% of the global offsets.

During the inaugural climate summit on the African continent, Kenyan President William Ruto kick-started an ambitious initiative aimed at increasing Africa’s carbon credit production by a staggering 19-fold by the year 2030. This initiative garnered pledges totalling hundreds of millions of dollars on Monday.