By Abdulfatah Babatunde
Africa Carbon Markets Initiative (ACMI) is actively collaborating with Nigeria and six other African countries to develop robust Carbon Market Activation Plans (CMAPs).
TheNewsZenith reports that the countries are Nigeria, Kenya, Mozambique, Malawi, DRC, Ghana and Rwanda,
This is contained in a statement from the African Communication Group (ACG) and e-mailed to TheNewsZenith in Lagos on Monday.
ACG also stated that ACMI unveiled substantial progress and achievements it made in 2023 in the fight against the scourge of climate change.
“The progress underscored ACMI’s commitment to accelerate climate action, promoting sustainable development and addressing the impacts of climate change in Africa.
“By sharing its progress, ACMI is doubling down on its support to African carbon markets.
“It is also recognising the incredible progress that global carbon markets have seen at COP28,” the statement read in part.
Comprehensive Carbon Market Activation Plans (CMAPs)
The CMAPs, ACG stated, focus on formulating regulations and policies for both voluntary and compliant carbon markets.
“Kenya is the first country to embark on this holistic and enabling journey.
“This initiative, in collaboration with USAID, emphasises a holistic approach to integrating carbon markets into broader climate strategies.
International Commitments and Investments
ACMI has secured over $1 billion in signed intent from companies committed to buying high-integrity African carbon credits by 2030.
Simultaneously, it secured a pledge of $250 million in intent to invest in high-integrity African credit projects.
These commitments will help crowd-financing by improving risk perceptions among investors. It is also sending a strong demand signal to project developers.
“These commitments will also adhere to ACMI’s integrity principles, in alignment with ACMI’s Claims Code of Practice. It will equally promote globally accredited net-zero targets and a strategic approach to emissions reduction.
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Furthermore, ACMI’s Gold Standard-approved methodology concept note’s technical advisory signals a pivotal step in scaling carbon revenues for clean energy.
Once fully developed, the methodology will support the phasing-out of fossil fuel generator sets before the end of life. It would direct finance toward renewable energy replacements.
With this effort, ACMI is contributing to the momentum of using carbon credits to phase out fossil fuels.
ACMI Showcase: First-Ever African Carbon Credit Project Listing
With over 100 projects across more than 25 countries, ACMI has developed the first-ever African carbon credit project listing. It will share the listing publicly soon.
This initiative highlights projects aligned with its integrity principles, emphasising transparency and community benefit sharing.
ACMI Showcase demonstrates the breadth and quality of African carbon credit supply and fostering buyer confidence.
In a comment, Paul Muthaura, CEO of ACMI said the Initative’s achievements over the year “are the result of significant partnerships and collaborative efforts”.
“Together with our supporters and partners, we are making strides towards a stronger carbon markets ecosystem in Africa,” Muthaura said.
ACMI’s Vision for Carbon Markets: A Transformative Force for Good
ACMI recently published its Narrative on African Carbon Markets. It emphasised the transformative potential of carbon markets in financing sustainable development in the Global South.
The voluntary carbon market, valued at $2 billion in 2022 alone, is expected to grow substantially. It will generate income, create jobs and foster green investments in Africa.
As ACMI continues to lead in shaping the future of carbon markets in Africa, these achievements represent a significant milestone.
The fit is in the collective effort to combat climate change and drive sustainable development across the continent.
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