Carbon finance offers a major opening towards meeting the goals of the Paris Agreement but progress across regions has been uneven, with the African continent accounting for just 15 per cent of voluntary carbon credits issued globally in 2021.
Harnessing the potential of carbon markets may offer one route towards closing the significant shortfall in climate financing for Africa, as well as accelerating transition in cooking and energy solutions and limiting deforestation.
Article 6 of the Paris Agreement requires significant adjustment of regulatory and policy frameworks at national level in order to align with emerging global imperatives within carbon markets. Various stakeholders, including the private sector, need to take these realities into considerations as they seek to meet commitments towards a more sustainable future.
Governments and the private sector alike need to address the obstacles that have held back Africa’s participation in carbon markets, and should explore all options including both the compliance and voluntary markets, and market-based alternatives such as emissions trading schemes and carbon taxes.
At this webinar, held in partnership with UNDP, speakers share experiences on carbon market advancement in Africa, highlighting challenges and obstacles. Speakers also explore in-country experiences and make proposals on how Africa might benefit from a functional global carbon market.