Delegates from 136 countries stormed Nairobi's KICC to grace the occasion.
Summit seek solutions to climate change for Africa and the world. Climate compensation, building resilience in mitigation efforts top on the agenda.
Sectors sensitive to Climate Change include agriculture, tourism, fishing industry.
Africa Climate Summit seeks to explore available natural resources in the continent to collaboration technological innovation in spurring incremental production and consumption of green energy.
The inaugural Africa Climate Summit offer opportunity to showcase Africa's green growth potential, explore financial and development solutions for a climate-resilient Africa.
Focus on renewable energy, carbon credits got priority attention in the inaugural Africa Climate Conference.
What is Carbon Credit?
Carbon credit or carbon offset is a removal or reduction of emissions of carbon dioxide or other greenhouse gases made for compensation of emissions made elsewhere.
Carbon Credit aims to reduce global emissions, enhance livelihoods and protect the planet against climate crisis.
One carbon credit represents the removal or reduction of one ton of carbon dioxide or its equivalent in other greenhouse gases.
1 carbon credit has a monetary value which ranges between $40 to $60.
As Kenya plays host to Africa Climate Summit 2023, the country projects to bag $1 billion annually in the sale of carbon credits.
Mikoko Pamoja Mangrove Project along the Coastal region of Kenya became the first-ever blue carbon initiative that sold carbon credits through mangrove conservation activities.
Carbon credits are transfereable via financial instruments, in attempts to mitigate the growth in concentrations of greenhouse gases (GHGs).
In Carbon Credit programs, greenhouse gas emissions are capped and then markets are used to apportion the emissions among the the clustered regulated sources.
Organizations, Companies and individuals can account for their inevitable emissions by purchasing carbon credits from certified activities that protect ecosystems, support community development, or install efficient technology to reduce or remove emissions from air.
Ruto's take on Climate Change
President William Ruto officially opened the Africa Climate Summit at KICC, Nairobi on Monday.
"Africa’s carbon footprint remains small, but the human toll of climate change is disproportionately high," Ruto stated during the opening session.
Ruto added that: "Africa holds the key to decarbonising the planet. The future is not something to hope for, the future is for us to conceptualise starting now.”
How Africa is affected by Climate Change
The continent of Africa has the least percentage of greenhouse gas emissions as compared to other continents, but they are worse hit by its adverse effects.
Africa is grappling with climate crisis displacements due to drought and floods.
Africa could be hard hit by climate disaster, should the current trend persist.
The Horn of Africa has been hit by drought as Lake Chad among other water catchment areas are drying up, with individuals getting displaced. Africa holds 26% of the biodiversity on the entire globe and holds great potential in relation to carbon sequestration in bringing back biodiversity to its natural state.
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