Africa eyeing to become industrial powerhouse

African leaders have issued a clarion call to the European Union, urging them to tap into the vast Africa carbon credit opportunity. President William Ruto of Kenya addressed the European Union Council, emphasizing the need for collaboration and mutual respect between Africa and Europe. The continent of Africa is setting its sights on becoming a green industrial powerhouse, with a vision of universal energy access by 2030 and a remarkable 80% reduction in emissions from energy generation. Central to this ambitious goal is the necessity of substantial capital infusion, particularly in the realms of renewable energy and infrastructure. In his address to the European Union, President Ruto underscored the critical role of market access as a complement to capital. He pointed out that one of the most significant contributions the EU can make towards alleviating poverty in Africa and meeting global climate objectives is through fostering demand for green products and services, such as carbon credits. Africa is eager to engage in fair competition and is not seeking preferential treatment, but rather is committed to meeting high standards of quality and integrity. Furthermore, the European Union has a unique opportunity to leverage top-tier African carbon credits that promote the preservation and expansion of natural carbon sinks, emission reduction, and carbon removal from the atmosphere. While the carbon credit market has faced challenges and criticisms, President Ruto emphasized the importance of maintaining focus on the ultimate goal of environmental sustainability. The current pricing of carbon credits in the voluntary market, ranging from $0.50 to a few dollars per tonne, is insufficient to ensure the production of high-quality credits. President Ruto highlighted Kenya's progress in advancing carbon markets regulation, with the finalization of the draft carbon markets regulation nearing completion. He expressed confidence that through the utilization of carbon credit mechanisms, Kenya can not only drive its own economic growth but also contribute significantly to global decarbonization efforts. The Nairobi Declaration underscores Africa's commitment to raising the standards of quality and integrity in carbon markets, a move that is expected to be bolstered by enhanced market access. The collaboration between Africa and Europe in the realm of carbon credits has the potential to reshape the landscape of sustainable development and environmental conservation. By fostering a partnership based on mutual respect and shared objectives, both continents can pave the way towards a greener future and a more harmonious global climate agenda.