Kenya has enacted laws to allow for issuance of sovereign green bonds.
African countries want to use this year’s UN COP meetings to secure a much bigger share of global climate financing, their representatives said at a meeting in Kenya on Thursday, to help deal with the increased threats from climate change.
The 54-nation continent has been attracting more funds for climate mitigation and adaptation projects in recent years, but it still gets less than 1% of the global climate financing on an annual basis, government officials said. The 1% is of the global climate financing estimated at just over $100 billion, while Africa requires investments of up to $1.3 trillion, officials said, without providing a time frame for by when the amount is needed.
Such extra expenditure comes at a time when many African economies are already struggling with debt, said Ali Mohamed, the co-chair of the African group of climate negotiators.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Board chair says no conversation around retrenchments at SABC - SABC News - Breaking news, special reports,The SABC Bill seeks to create a new funding model for the corporation
Read more »
African filmmakers urged to take ownership of their productions - SABC NewsThe 10-day festival runs until this Sunday.
Read more »
Ugandan security forces detain dozens of protesters - SABC News - Breaking news, special reports, world,The protesters waved placards and shouted slogans denouncing corruption.
Read more »
'Death toll from Ethiopian landslides jumps to 229' - SABC News - Breaking news, special reports,An official said at least 50 people had died and children and police officers were among the dead.
Read more »
Swimming showdown set to light up Paris Olympics - SABC News - Breaking news, special reports, world,Swimming showdown set to light up Paris Olympics opening night splash.
Read more »
Municipalities found misusing funds will be dissolved: Hlabisa - SABC News - Breaking news, special reports,Cogta minister says there's no reason to keep dysfunctional municipalities which are not accountable
Read more »