BRAZZAVILLE, May 27: Africa will create a fund to promote its unique environment and seek new ways of funding green reforms such as carbon credits and cancelling debts in return for conservation, ministers said.
Africa has large areas of ecologically valuable rainforests and other habitat with many unique plant and animal species, but despite a small industrial base its environment faces many pressures including logging, climate change and poaching.
“We have decided to create an African Environmental Fund to promote sustainable development. This fund will be housed with the African Development Bank,” Republic of Congo’s Environment Minister Henri Djombo said late on Friday at the close of a biannual meeting of environment ministers from across Africa. Djombo appealed for help from the AfDB and other international financial institutions to assist with setting up the fund, which would channel resources into conservation efforts.—Reuters