Latest news with #AnthonyNyong
Business Insider
3 days ago
- Business
- Business Insider
AfDB to launch carbon credits support facility to boost climate finance in Africa
The African Development Bank (AfDB) plans to establish a new carbon markets support facility aimed at unlocking climate finance across the continent, senior officials announced at the bank's annual meeting in Abidjan. The African Development Bank has announced plans to create the Africa Carbon Support Facility to enhance climate finance across Africa. The initiative will assist governments in developing carbon trading policies and establish infrastructure to facilitate the trade of carbon credits. Carbon credits represent the offset of one metric ton of carbon emissions and can be traded to support global climate targets. The initiative called the Africa Carbon Support Facility, is currently in the design phase and will feature two key components, according to the bank. The first component will help governments develop policies and regulations governing carbon trading, while the second will focus on boosting the supply and demand for credits as well as the key market infrastructure needed to increase their use, Reuters reported. "Through this, we envision a future where carbon credits can become a tradable commodity on Africa's stock exchanges," said Anthony Nyong, AfDB's director for climate change and green growth. Carbon credits have become a big industry, with wealthier nations offsetting their emissions by either financing clean and sustainable energy projects or compensating developing economies for conserving their natural environments. These projects earn one credit for every metric ton of carbon emissions they either reduce or remove from the atmosphere. Countries and companies can purchase these credits to help meet their climate targets. Africa has struggled to fully capitalize on the global carbon credit market, where prices on the continent remain significantly lower than in regions with stricter regulatory frameworks. Tapping Africa's underused climate assets According to Anthony Nyong, most of Africa's carbon credits, primarily derived from forestry, land use, and agriculture, are currently traded on voluntary markets. However, integrating them into stock exchanges could significantly boost their market value. Despite contributing only a small fraction of global greenhouse gas emissions, Africa's 54 countries remain among the hardest hit by climate change. Yet Africa receives just 1% of global annual climate finance, according to government officials across the region. At the U.N. COP27 climate summit, an African Carbon Market Initiative (ACMI), comprised of several nations, including Kenya, Malawi, Gabon, Nigeria and Togo, was launched to increase the number of carbon credits generated on the continent to around 300 million credits by 2030 and 1.5 billion a year by 2050.
Reuters
4 days ago
- Business
- Reuters
African Development Bank to launch carbon credits support facility
NAIROBI, May 29 (Reuters) - The African Development Bank will launch a carbon markets support facility for the continent, senior bank officials said on Thursday, to unlock finance for a region increasingly impacted by climate change-linked droughts and storms. The Africa Carbon Support Facility, which is still at the design stage, will have two components, said Africa's top multilateral development lender, which also on Thursday said it had elected Former Mauritanian Finance Minister Sidi Ould Tah as president. The first component will help governments develop policies and regulations governing carbon trading, while the second will focus on boosting the supply and demand for credits as well as the key market infrastructure needed to increase their use. "Through this, we envision a future where carbon credits can become a tradable commodity on Africa's stock exchanges," Anthony Nyong, AfDB's director for climate change and green growth, told a session of the bank's annual meeting in Abidjan. Carbon credits are created through projects such as planting trees or putting up wind farms in poorer countries that receive one credit for every metric ton in emissions that they reduce or suck out of the atmosphere. Countries and companies can buy those credits to help reach their climate goals. Most of Africa's carbon credits, which are mainly generated from forestry, land use and farming, are currently sold on the voluntary markets, he said, but embedding them in stock exchanges would boost their prices. Africa's 54 countries have been among those hardest hit by climate change despite releasing a tiny share of polluting emissions, compared with the industrialised world. It has suffered from a series of climate catastrophes in recent years, including tropical storms that hit Indian Ocean island states such as Madagascar and the Southern Africa coastline, and severe droughts in the Horn of Africa. The continent receives just 1% of annual global climate finance according to government officials on the continent. "Carbon market development is an imperative for the continent," added Kevin Kariuki, the AfDB's vice president for power, energy, climate change and green growth. The initiative will also help to boost earnings for carbon credits generated from the continent, by ensuring they are sold on compliance offset markets where prices could be 10 times higher than on voluntary offset markets, Nyong said.
Zawya
24-03-2025
- General
- Zawya
World Water Day 2025: Preserving Africa's Water Resources (By Mtchera Johannes Chirwa and Anthony Nyong)
By Mtchera Johannes Chirwa, Director for Water Development and Sanitation, and Anthony Nyong, Director for Climate Change and Green Growth, African Development Bank Group ( Each year, World Water Day highlights the pressing challenges surrounding global water resources and the actions needed to address them. Nowhere is this more critical than in Africa, where nearly 1.4 billion people live, a number expected to rise to 2.5 billion by 2050. On the continent, approximately 411 million people – almost one-third of the total population – lacked basic drinking water services as of 2020. In Sub-Saharan Africa alone, about 387 million people struggle daily without access to safe water. Africa is home to vital natural water towers, including mountains and glaciers that play a key role in water security and climate resilience. However, these resources are under serious threat. Glaciers in the Rwenzori Mountains, Mount Kenya, the Virunga Mountains, and Mount Kilimanjaro are shrinking at an alarming rate and are expected to vanish entirely by 2050, jeopardizing water supplies for millions of people. On this World Water Day, the urgency to protect what remains and to collaborate on securing water resources for future generations has never been greater. Water is fundamental to Africa's socioeconomic development. The International High-Level Panel on Water Investments for Africa estimates that Sub-Saharan Africa loses 5% of its GDP annually – equivalent to $170 billion per year – due to poor water infrastructure. Yet, investing in water security offers enormous returns. According to the African Union, every dollar invested in water and sanitation generates at least seven dollars in benefits across health, education, food security, and environmental protection. Climate change amplifies water scarcity, disrupting hydrological cycles, altering rainfall patterns, and reducing water availability for crops, livestock, and pasture. This directly threatens food and nutritional security across the continent. Addressing these challenges requires both practical solutions and strong policy frameworks. Integrated water management plans focused on river basins and catchments are essential for optimizing water use, while investing in resilient infrastructure ensures reliable access, particularly in regions prone to floods and droughts. Water-saving practices, such as rainwater harvesting and wastewater reuse, can help maximize available resources. Restoring natural ecosystems, including riverbanks and wetlands, plays a crucial role in safeguarding water sources. Nature-based solutions, such as afforestation and ecosystem restoration, are equally important in strengthening water resilience and helping landscapes adapt to climate change. Policy measures must complement these practical interventions. Strengthening water management laws and regulations is crucial for long-term success. Establishing and training local water management committees enhances coordination and decision-making, while improved weather monitoring and early warning systems help communities prepare for and respond to climate shocks more effectively. The African Development Bank has placed water security and climate resilience at the center of its Ten-Year Strategy (2024–2033) ( aligning with the Africa Water Vision 2025 and the 2030 Agenda for Sustainable Development. Recognizing that water security is a cornerstone of progress across all sectors, the Bank invests approximately $2.8 billion annually to build resilience. To further accelerate climate action, it has established the Climate Action Window ( under the African Development Fund, aiming to mobilize between $4 billion and $8 billion for climate-focused initiatives. Seventy-five percent of these funds are allocated to climate adaptation, with significant investments dedicated to water infrastructure. During the first call for proposals in December 2023, nine water-focused projects, totaling approximately $72 million, were selected to enhance investment in water infrastructure and sanitation. An additional 12 projects, amounting to $98 million, address multiple sectors, including water access for agriculture, improving the resilience of water systems, and strengthening climate information and early warning systems. Currently, the Bank manages 121 active water operations, including six multinational and regional projects valued at approximately $6 billion – all are based on climate-informed designs. The African Water Facility ( hosted and managed by the African Development Bank, also plays a pivotal role in ensuring that water sector projects are designed with sustainability and climate resilience in mind. In Kenya, the Bank-funded Kenya Towns Sustainable Water Supply and Sanitation Program ( has significantly improved access to water supply across 19 towns, while wastewater management services have been expanded in 17 towns, benefitting more than three million people. The program incorporates solar energy to reduce water production and distribution costs. The Othaya Sewerage Wastewater Treatment Project, as part of this initiative, promotes waste reuse for energy and agriculture through the production of cooking briquettes and organic fertilizer. In Ethiopia and South Sudan, the Bank's Climate Proof Water for Food Project is designed to enhance adaptation and resilience for approximately 211,000 people in Ethiopia's Gambella region and South Sudan's Unity State. This initiative includes the construction and rehabilitation of four solar-powered water supply systems and integrated flood management measures to support the transition to climate-smart agriculture. Tackling Africa's water security and climate challenges requires strategic planning, investment in resilient infrastructure, and policies that integrate climate adaptation into water management frameworks. The African Development Bank's ongoing initiatives demonstrate that placing water at the heart of climate action – by investing in resilient infrastructure, restoring ecosystems, and strengthening governance – is crucial in mitigating the impact of climate change and preserving the continent's water resources for future generations. Distributed by APO Group on behalf of African Development Bank Group (AfDB).
Zawya
18-03-2025
- Business
- Zawya
Africa's Green Growth Agenda: Unlocking Opportunities for a Climate-Resilient Future
The African Development Bank Group ( participated in the third edition of the Africa's Green Economy Summit (AGES) ( in Cape Town, South Africa, from 18 – 21 February, 2025. The annual Summit, hosted by the African Union, brought together policy makers, stakeholders, private sector and experts who discussed Africa's green transition and the urgent need for increased investment in climate resilience. The conference was held under the theme, 'Building a Climate Resilient Africa: Catalysing Investment and Innovation in the Green and Blue Economies'. Discussions over the four days cut across five key areas: climate finance, biodiversity and nature, green reforms, resilient cities and green industrialisation. With its vast renewable energy potential, abundance of critical minerals essential for the global energy transition, and a growing commitment to climate-smart solutions, Africa is very well placed to lead the way toward sustainable global growth. As it navigates a path towards fully realizing these boundless possibilities, against the backdrop of mounting climate challenges, there is increasing focus on the urgency of resource mobilization. Dr. Anthony Nyong, Director of Climate Change and Green Growth at the African Development Bank and keynote speaker at the summit's opening ceremony, touched on this in his remarks. Affirming that 'Africa has enormous opportunities to lead global efforts to transition to a green economy', he added that, 'To build a climate-resilient Africa, adaptation must be at the heart of our strategies. While global climate finance continues to prioritize mitigation efforts, adaptation remains significantly underfunded, receiving less than 10 percent of total climate finance flows.' Calling for a tripling of Africa's climate finance flows and green investments, and for the right partnerships to underpin the financing, Nyong concluded that 'Together, we can build an Africa that thrives in harmony with nature.' A 'platinum sponsor' for the summit, the Bank featured in a range of activities, discussions and roundtables, consistently demonstrating its leadership role in supporting Africa's countries transition to climate resilience and low carbon development, as articulated in the its Climate Change and Green Growth Framework 2021 – 2030. Harsen Nyambe, Director of Blue Economy and Sustainable Environment at the African Union, emphasized the summit's role as 'a vital link between global capital and sustainable projects on the continent.' Barbara Buchner, Global Managing Director of Climate Policy Initiative, stressed the critical need for private sector engagement, highlighting that existing funding amounts to only about 23 percent of Africa's estimated climate finance needs, while only 18 percent of the continent's climate finance is from the private sector – a figure 'much lower than in other regions.' Maxwell Gomera, South Africa Resident Representative of the United Nations Development Programme, highlighted another key issue: 'We've sent people to the moon, yet we still haven't solved the challenge of clean cooking. This is a business problem.' 'For the African Development Bank, driving green growth in Africa comes with challenges but also significant opportunities. In this regard, AGES presents a unique platform to spotlight Africa as a land of green economic opportunities in a range of sectors such as renewable energy, critical minerals, climate-smart agriculture, green cities, low-carbon and climate-resilient infrastructure, among others,' said Al Hamndou Dorsouma, Manager of Climate and Green Growth at the African Development Bank. On Tuesday, 18 February, the Bank Group hosted a Masterclass on Carbon Markets in Africa, explored how carbon markets are becoming more stable and attractive for growth, and offering new opportunities for market entry and project development. By leveraging platforms like AGES, Africa can strengthen partnerships, unlock funding, and implement policies that drive a sustainable and resilient future. With targeted investments and bold commitments, the continent has the potential to lead the way in shaping a low-carbon, climate-smart economy that benefits both its people and the planet. Read and watch Anthony Nyong's interview, here ( Distributed by APO Group on behalf of African Development Bank Group (AfDB).
