The Africa Carbon Markets Initiative (ACMI) was launched today with the aim of dramatically expanding Africa’s participation in voluntary carbon markets.
Expressing support to this new development, Vice President of Nigeria,VP Yemi Osinbajo noted the carbon market can create jobs and other opportunities for Nigeria.
He said: “Carbon markets can deliver tremendous benefits for Nigeria and for Africa—creating jobs, driving green investment, and reducing emissions. Nigeria is putting the groundwork in place today so that in subsequent years, carbon credits become a major industry that will benefit our people.”
The initiative which was led by a 13-member steering committee of African leaders, CEOs, and carbon credit experts, the Africa Carbon Markets was inaugurated at COP 27 in collaboration with The Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL), and the UN Economic Commission for Africa, with the support of the UN Climate Change High-Level Champions – Dr Mahmoud Mohieldin and Nigel Topping.
A press statement released by the COP27 media team, issued on behalf of the COP26 and COP27 High-Level Climate Champions, ACMI announced a bold ambition for the continent to reach 300 million credits produced annually by 2030. This level of production would unlock 6 billion in income and support 30 million jobs. By 2050, ACMI is targeting over 1.5 billion credits produced annually in Africa, leveraging over $120 billion and supporting over 110 million jobs.
NNL gathered that the Carbon markets offer an incredible opportunity to unlock billions for the climate finance needs of African economies while expanding energy access, creating jobs, protecting biodiversity, and driving climate action. However, Africa currently produces only a tiny percentage of its carbon credit potential.
