New Africa carbon markets initiative launched at COP27-Xinhua

New Africa carbon markets initiative launched at COP27

Source: Xinhua

Editor: huaxia

2022-11-08 21:02:00

SHARM EL-SHEIKH, Egypt, Nov. 8 (Xinhua) -- A new initiative to expand Africa's participation in voluntary carbon markets was launched at the 27th session of the Conference of the Parties (COP27) to the United Nations Framework Convention on Climate Change being held in the Egyptian resort of Sharm El-Sheikh on Tuesday.

Led by a 13-member steering committee of African leaders, CEOs, and carbon credit experts, the Africa Carbon Markets Initiative (ACMI) was launched to support the growth of carbon credits production, create jobs and protect biodiversity in Africa, according to a press release by the initiative.

ACMI announced a bold ambition for the continent to reach 300 million credits offered annually by 2030. This level of supplies would unlock 6 billion U.S. dollars in income and support 30 million jobs, it added.

By 2050, the statement said, ACMI is targeting over 1.5 billion credits annually in Africa, leveraging over 120 billion U.S. dollars and supporting over 110 million jobs.

A number of African nations including Kenya, Malawi, Gabon, Nigeria and Togo shared their commitments to collaborating with ACMI to scale up carbon credit production via voluntary carbon market activation plans.