Following “Implementing Green Capital Markets Program” organized in line with Marrakech Pledge on the 4th and 5th November 2019, AMMC and Toronto Centre publish this White Paper. It targets African capital market regulators and exchanges, Investor Groups, including pensions and insurances, governments and multi laterals. It aims to share the key factors that help the development of green capital markets globally, the examples of African countries that have developed or started to develop green capital markets, and the key action-oriented recommendations discussed in the program.