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.
13 countries are on the road to help the Africa Carbon Markets Initiative:
✅produce 300m carbon credits annually
✅unlock $6bn in revenue
✅support 30m jobs by 2030
— Global Energy Alliance for People and Planet (@EnergyAlliance) January 16, 2023