The COP27 Climate Summit witnessed the launch of the New African Carbon Markets Initiative (ACMI), in collaboration with the Global Energy Alliance for People and the Planet (GEAPP), Sustainable Energy for All (SEforALL) and the United Nations Economic Commission for Africa (ECA), with support from high-level United Nations Climate Change Champions.
It aims to support the growth of carbon credit production and job creation in Africa ..The initiative includes the production of 300 million carbon stocks per year by 2030, 1.5 billion credit per year by 2050, the support of 30 million jobs by 2030 and more than 110 million jobs by 2050, with revenue distributed fairly and transparently to local communities and several African States including Kenya, Malawi, Gabon, Nigeria and Togo joined the ACMI launch event to announce their commitment to expand voluntary carbon markets.
Gillian Caldwell, a member of the ACMI Steering Committee and chief climate officer at USAID, stressed that the voluntary African carbon market would succeed only if people believed that African credits led real climate action and had a positive human impact. USAID and ACMI would ensure that this was done with integrity as a key pillar to stimulate the production of high-integrity credits
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Rewriting & Editing:
Tasneem Hassan