This article was sponsored by Africa Finance Corporation.
AFC announced the creation of a nonprofit foundation to support efforts to reduce emissions, halt deforestation, and raise funds for conservation. The announcement was made by Samaira Zubair, the company’s president and CEO, on the second day of the Climate Forum on Business and Philanthropy, held on the sidelines of COP28 in the United Arab Emirates. I was disappointed.
Zubair said the AFC Foundation is focused on the need to blend philanthropic funding with public and private capital, particularly to ensure that the rightful owners, communities and governments, reap the maximum benefits from carbon capture. He explained that it was established in recognition of the
“The AFC Foundation is working with AFC partners and project development and investment teams to help de-risk and de-risk projects, increasing knowledge and awareness to stop the destruction of carbon sinks and raise funds for conservation. We will leverage our deep experience in implementation to create verifiable projects needed to protect natural capital. We will work with the African Union, African governments and other partners to deliver reliable and transparent projects. “We will work to build the carbon value chain necessary to establish and verify certain carbon emissions reduction targets,” he said.
Delivering opening remarks at a session on ‘Harnessing natural capital towards net zero’, Mr Zubair said the climate summit aims to achieve its goals, especially as the world remains not on track to achieve net zero targets. He emphasized the importance of cooperation to achieve this goal. Inadequate capital deployment and inadequate emissions reduction efforts.
He noted that this year’s COP is structured around four main pillars. “Fast tracking emissions reductions, fostering adaptation by focusing on nature, lives and livelihoods, fostering inclusive transitions, and finally, mobilizing climate finance to pay for it all.” Thing” ”
Africa, with its tropical forests and mangroves, is essential to achieving these goals, he said. “These are important solutions for reducing emissions and we need to rethink our relationship with these carbon sinks, which store billions of tonnes of the world’s carbon dioxide,” he urged. .
Meeting these challenges will require boldness and innovation, and Zubair said this must start with a rethink of the carbon market model currently in operation.
“We need to devise a system that properly assesses the important role that forests in Africa and elsewhere play in sequestering carbon. “It is essential to create incentives for the preservation and expansion of existing forests, as they are highly effective emissions absorption methods,” he argued.
It is also important to link emissions targets to per capita emissions, since historically least responsible countries cannot be asked to make the same trade-offs as countries with highly polluting economies.
Participating in a moderated panel discussion during the session, Anna Howley, Co-Founder and CEO of Respira, highlighted the vital role of the private sector in mobilizing finance for natural capital, highlighting the It pointed out that it is responsible for 40% of annual emissions. However, while compliance carbon markets currently cover only 25% of global emissions, the emissions gap continues to widen, with nationally determined contributions submitted by countries reaching 20% to 25% of emissions. % reduction and is estimated to meet only 11%. I was being targeted. ”
“Every year, the clock is ticking and we need to take action,” she stressed.