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PRIVATE SECTOR PARTICIPATION IN CARBON MARKETS FOR DEVELOPMENT AND ECONOMIC OPPORTUNITY
- Published On: 2024-05-27
Industry leaders and stakeholders gathered in Nairobi for a breakfast session on 27th May 2024 exploring the potential of carbon markets to generate revenue for African nations. Organized by the Africa Carbon Markets Initiative (ACMI) and The Rockefeller Foundation, the session underscored the transformative impact of carbon markets in funding critical development projects, with a special focus on school feeding programs. This initiative aimed to cultivate partnerships that drive sustainable development across the continent.
The event commenced with opening remarks from William Asiko, Vice President of the Africa Regional Office at The Rockefeller Foundation. Asiko emphasized the urgent need for innovative financing solutions to support Africa's development goals. Following this, Paul Muthaura, CEO of ACMI, delved into partnership opportunities to unlock the potential of carbon markets in Africa. He outlined how carbon credits can serve as a significant revenue stream, enabling investments in essential infrastructure and social programs. Muthaura's insights laid the foundation for a deeper exploration of private sector involvement in these endeavors.
A panel discussion moderated by William Asiko brought together key figures from various organizations, including Zeph Kivungi from GEAPP, Elizabeth Chege from SEforALL, Geoffrey Ndegwa from the World Food Programme, Sophie Odupoy from KOKO Networks, Peter Scott from BURN, and Harun Yussuf from NACONEK. The panelists shared their experiences and strategies for implementing clean cooking solutions in schools, underscoring the vital role of the private sector in scaling up these initiatives. Dr. Jackson Koimbori, the Senior Circular Economy and Climate Change Coordinator, representing the private sector, highlighted the significance of leveraging the $2.2 billion pledge announced during the recent Paris Summit on Clean Cooking in Africa. The meeting concluded with William Asiko reaffirming the importance of private sector collaboration and innovation in realizing Africa's carbon market potential.