"Record-breaking Pledges: Massive Funding for African Carbon Credits at Climate Summit"

The Africa Carbon Markets Initiative (ACMI) received pledges of hundreds of millions of dollars at Africa's first climate summit, including a commitment of $450 million from investors in the United Arab Emirates (UAE). African leaders are promoting market-based financing instruments like carbon credits to attract climate investment and mobilize funding. However, some speakers at the summit expressed concerns about the slow progress in climate financing for Africa, citing the perception of the continent as too risky for investors. The summit aims to showcase Africa as a destination for climate investment and plans to issue a declaration outlining Africa's position ahead of the upcoming U.N. climate conference and COP28.