ACMI Plots VCM Path to COP28

The Africa Carbon Markets Initiative (ACMI), which was first launched at COP27, has outlined its roadmap to COP28 at Abu Dhabi Sustainability Week, including 13 country action programmes to upscale the market. With an overarching goal to generate over 1.5 billion carbon credits annually in Africa by 2050, leveraging over US$120 billion and supporting over 100 million jobs, ACMI said it further intends to develop carbon credit projects based on new methodologies and where there is the most need, such as diesel replacement and biodiversity credits. Antonio Pedro, Executive Secretary of the United Nations Economic Commission for Africa, said: “Africa is at the centre of the opportunity to develop the voluntary carbon credit market in a way that accelerates climate action, fosters shared value creation and creates sustainable livelihoods for communities at this time of global economic uncertainty. To recover from the global pandemic and to address the food and energy crisis, which impacts Africa the most severely, we need to rethink Africa’s economic model – shifting to invest in sustainable value chains that deliver jobs and resilience.” Upon launching, ACMI secured US$200 million in advanced market commitments from global companies, and seven African nations signed up to develop country carbon activation plans, including Kenya and Nigeria.

The practical information hub for asset owners looking to invest successfully and sustainably for the long term. As best practice evolves, we will share the news, insights and data to guide asset owners on their individual journey to ESG integration.

Copyright © 2023 ESG Investor Ltd. Company No. 12893343. ESG Investor Ltd, Fox Court, 14 Grays Inn Road, London, WC1X 8HN

To Top
Newsletter SignupReceive all the latest stories from the ESG Investor editorial team

Subscribe to our free weekly newsletter below and never miss a story.