Carbon credits offer an opportunity to unlock climate finance for the African continent. But the region currently accounts for just 2% of trading on the global carbon markets valued at over $2 billion.
Demand for carbon credits is expected to increase by a factor of 15 or more and could be worth over $50 billion by 2030. But the current market is fragmented and complex. High-quality carbon credits are scarce because accounting and verification methodologies vary and pricing data remains limited.
The Africa Carbon Market Initiative, or ACMI, which was launched during last year’s United Nations Climate Change Conference, aims to rapidly increase the production of African carbon credits while ensuring that revenues are transparent, equitable, and create jobs.
About the author
David Njagi
David Njagi is a Kenya-based Devex Contributing Reporter with over 12 years’ experience in the field of journalism. He graduated from the Technical University of Kenya with a diploma in journalism and public relations. He has reported for local and international media outlets, such as the BBC Future Planet, Reuters AlertNet, allAfrica.com, Inter Press Service, Science and Development Network, Mongabay Reporting Network, and Women’s Media Center.
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