The U.S. Agency for International Development (USAID) has announced on Wednesday September 6, 2023 a commitment of $35 million (Sh5.1bn).
The funds will be directed towards assisting communities throughout Africa in enhancing their resilience to the adverse impacts of climate change and promoting sustainable economic growth.
The announcement follows a statement in which the agency outlined its objective:
“These activities will support communities across Africa to build their resilience to climate impacts and sustainably grow their economies.”
In addition to the substantial pledge for the wider continent, USAID revealed plans to invest $1.4 million (Sh204.4 million) specifically to assist the Kenyan government.
This dedicated amount will be utilized to develop the nation’s carbon market activation plan, including its regulation and underlying legal framework.
Emphasizing the importance of this move, USAID noted, “This will ensure integrity, transparency, and equity in the carbon market.”
The announcement coincides with the concluding day of the inaugural Africa Climate Summit, where participants eagerly anticipate the Nairobi Declaration.
The African continent currently lags three years behind its commitment to mobilize $100 billion (Sh14.5 trillion) annually to combat climate change.
