John Kerry urges growth of carbon markets to address climate change

The U.S. Special Presidential Envoy for Climate John Kerry has said that a carbon market is needed more than ever as a tool to fight climate change.

Kerry spoke on Monday at the ongoing Africa Climate Summit where leaders are pushing market-based financing instruments such as carbon credits in a bid to mobilize funding that they say has been slow to arrive from rich world donors.

“We think Africa can benefit and the global South can benefit only if the carbon market grows. It's got to grow. You heard a mention of about 121 million. This market has to become a market in the billions in order to work effectively, and for that, we need to ensure the environmental integrity of this market,” Kerry said.

The climate envoy noted that this is critical not only to protect the climate but also to create a thriving carbon market.

“…People won't take the risk either of getting involved in a market that doesn't have the right standards and guidelines," he said.

The inaugural Africa Climate Summit goes on until Wednesday under the theme "Driving Green Growth and Climate Finance Solutions for Africa and the World."

The convention was organized by the African Union Commission in collaboration with Kenya and is set to give African nations the chance to develop specific plans, design corresponding resources and investments, push for changes in the global financial system, share knowledge and workable solutions, and update Africa's development and climate vision.

President William Ruto on Monday thanked leaders across the continent for heeding the call for a climate summit, terming it “an entry into a future driven by partnerships committed to African prosperity inclusive of growth and a liveable planet for all of us.”

Over 20 current and former heads of state are among the 30,000 delegates in Nairobi for the summit.

In addition to Kerry, other high-level delegations in attendance include UN Secretary-General António Guterres and top USAID officials.