BO Togel Bandar Togel Casino Online Bandar Togel Bandar Togel Toto Togel Daftar Togel Bandar Togel Terbesar Slot Gacor BO Togel
Unlocking Africa's Potential in Carbon Credit Markets - Tanzania National Carbon Monitoring Centre (NCMC) | Carbon Tanzania | Sokoine University of Agriculture |

Unlocking Africa’s Potential in Carbon Credit Markets

Carbon credit markets serve as a crucial mechanism for industrialized nations and businesses to offset their carbon emissions by investing in eco-friendly projects worldwide. Each carbon credit or offset represents the removal of one metric ton of carbon dioxide from the Earth’s atmosphere. Africa, endowed with abundant renewable energy sources, stands to reap substantial benefits by strategically engaging in these markets.

Several African nations, including South Africa, Morocco, Kenya, Malawi, Gabon, Nigeria, and Togo, have embarked on various initiatives to harness the potential of carbon credits. These endeavors encompass activities such as forest regeneration and the utilization of sustainable energy sources like solar, wind, and hydroelectric power, contributing significantly to global carbon offset efforts.

During COP27 in Sharm el-Sheikh, Egypt, last November, Kenya, Malawi, Gabon, Nigeria, and Togo pledged their commitment to the new Africa Carbon Markets Initiative (ACMI). ACMI aims to generate 300 million carbon credits annually, unlock approximately $6 billion in revenue, and create 30 million jobs by 2030. Joseph Nganga, a member of ACMI’s steering committee, emphasized the necessity of concerted efforts from governments, developers, and buyers to sustain the rapid growth of African carbon markets. Mozambique, Rwanda, and Burundi are also part of ACMI.

Africa’s vast ecosystems, particularly the Congo forests, often referred to as the world’s second lung, can absorb around 1.2 billion tonnes of carbon annually. The Congo Basin houses approximately 8% of the world’s forest-based carbon. Leveraging nature-based sequestration could potentially mobilize up to $82 billion per year through carbon credits, priced at $120 per tonne of carbon.

To facilitate these initiatives, the UN Economic Commission for Africa (ECA) has spearheaded the establishment of a regional carbon registry and a harmonized protocol for issuing carbon credits among the member countries of the Congo Basin Climate Commission.

Carbon credit markets have gained momentum worldwide in recent years, covering approximately 23% of global emissions and reaching a record value of $851 billion in traded carbon dioxide permits in 2021.

One notable aspect of carbon credit projects is their potential to empower rural communities, particularly in sub-Saharan Africa, where access to electricity remains limited. Carbon credit revenue from renewable energy initiatives has been transformative. For instance, the Olkaria II Unit 3 Geothermal Expansion Project in Kenya added 35 megawatts of electricity to the national grid and issued over 230,000 carbon credits. Similarly, the Earthcare Solid Waste Composting Project in Nigeria is expected to issue about 30,000 carbon credits by the end of 2023.

A noteworthy development is Kenya’s approval of the Carbon Credit and Benefit Sharing Bill 2023, anticipating annual earnings of $6.8 million from carbon credit sales. The global market for voluntary carbon credits could potentially reach $50 billion by 2030.

Several major carbon credit projects have emerged across Africa. Malawi’s Carbon Markets Initiative aims to generate carbon offsets equivalent to nearly 20 million tonnes of carbon per year, injecting substantial economic benefits into the country. Gabon became the first African nation to receive payments for reducing carbon emissions, receiving $17 million as part of a 10-year agreement with the Central African Forest Initiative.

However, Nigeria holds significant potential in carbon offset revenues, with the ability to produce over 30 million tonnes of carbon credits annually by 2030, generating more than $500 million per year. Key projects like the Waste Heat Recovery Project by Dangote Industries Limited and the Save Wildlife project by Access Bank have been leading these efforts.

Nigeria is now scaling up its carbon markets through the Nigeria Sovereign Investment Authority (NSIA), which has partnered with global oil trader Vitol to establish Carbon Vista, a joint venture targeting $50 million of investments in carbon credit projects in Nigeria.

Investing in Africa’s carbon credit markets is not only a moral imperative but also a strategic move as the world transitions to a low-carbon economy. Industries and countries engaging in carbon credits position themselves as sustainability leaders, enhancing their brand reputation and preparing for tightening environmental regulations. The financial potential of these markets is substantial, with the global carbon market valued at $909 billion in 2022.

For Africa’s carbon credit markets to flourish, a multi-pronged approach is imperative. Capacity-building initiatives are essential to empower governments, businesses, and communities to engage effectively in carbon credit markets. Training programs, knowledge-sharing platforms, and mentorship opportunities can equip stakeholders with the necessary tools to participate in this transformative journey

Related Posts

slot x500 toto togel toto slot togel bet 100 rtp slot daftar togel slot gacor bandar togel judi togel situs togel toto slot akun pro rtp slot bo togel 10 situs togel bandar togel terbesar slot88 togel pulsa Situs Togel Bo Toto Macau Slot Gacor Toto Qrisr Demo Slot Bo Togel Bandar Togel Bento4d Toto Slot Rtp Slot Slot88 Toto4d Dana Situs Toto Togel Rtp Live Slot slot gacor rtp live toto 4d rtp slot bandar togel rtp live Rtp Slot Togel Toto Macau Togel Toto Macau bo togel monperatoto bandar togel online rtp slot rtp live togel terpercaya bandar togel togel resmi Togel Via Dana agen togel toto slot rtp slot toto togel toto 4D 5 situs togel bo togel rtp slot Situs Toto Dana Update Slot Slot Rtp Gacor Toto Togel bento4d rtp slot bo togel toto togel 4d data macau togel 100 rtp slot/a> rtp slot/a> Toto Togel 4d Toto Slot Rtp Gacor Slot rtp slotq bandar judi online monperatoto sic bo online bo toto bo togel togel terpercaya Rtp Gacor Slot Rtp Gacor Slot Bo Toto toto togel rtp slot rtp toto slot situs toto bet togel data macau agen sicbo bento4d agen bakarat cerutu4d Cerutu4d rtp slot terpercaya rtp live terpercaya situs togel/a> bandar macau/a> toto togel/a> slot dana/a> situs togel/a> toto togel/a> akun pro slot/a> slot dana/a> situs togel/a> situs toto/a> situs togel/a> situs togel/a> situs toto dana/a> situs togel/a> agen baccarat/a> bo togel toto dana dadu online agen togel 4d