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    • Climate finance

    Are carbon markets a viable development finance option for Africa?

    The high share of Africa‘s biodiversity has led to increased interest in the continent’s carbon sinks. But is the continent ready to fully benefit from global carbon markets?

    By David Njagi // 19 March 2024

    A new fund is set to finance the restoration of endangered land carbon sinks while boosting food security in Kenya, Uganda, Ethiopia, Rwanda, and Burkina Faso, for the next six years.

    Unveiled on the sidelines of the sixth United Nations Environment Assembly, or UNEA-6, the €20 million ($21.7 million) Right Tree, Right Place: Seed Project by the German Federal Ministry for the Environment, Nature Conservation, Nuclear Safety and Consumer Protection, or BMUV, aims to sequester carbon through mass indigenous tree planting and soil organic carbon in the five countries.

    The fund is one of the latest moves Africa is making to battle greenhouse gas emissions to ensure the planet remains on the 1.5 degrees Celsius threshold, while preserving its share of the world’s biodiversity, according to Éliane Ubalijoro, the chief executive officer at the Center for International Forestry Research and World Agroforestry, or CIFOR-ICRAF.  

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    More reading:

    ► African initiative aims to bring transparency to carbon markets

    ► Opinion: ‘Climate cheating,’ carbon exchanges, and debt swaps in 2024

    ► EU carbon tax could dwarf aid to Africa, and countries aren’t ready

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    About the author

    • David Njagi

      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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