New African VCM Initiative Introduced at COP27

The Africa Carbon Markets Initiative (ACMI) was inaugurated today at COP27 and will support the growth of carbon credit production and create jobs in the region. It is targeting the production of 300 million carbon credits a year by 2030, and 1.5 billion credits a year by 2050, potentially unlocking US$6 billion in revenue by 2030 and over US$120 billion by 2050. African voluntary carbon markets (VCMs) could further support 30 million jobs by 2030and over 110 million jobs by 2050, distributing revenue equitably and transparently amongst local communities. Multiple African nations including Kenya, Malawi, Gabon, Nigeria and Togo shared their commitment to collaborating with ACMI to scale carbon credit production via VCM activation plans. Collectively, these seven countries have a maximum potential to generate around 300 metric tons of carbon dioxide equivalent (MtCO2e). Even with just 25% of this potential, around 75 MtCO2e would be double the total credits issued across the entire continent in 2021. US Special Envoy for Climate John Kerry said: “I appreciate ACMI’s recognition of the tremendous potential for governments and the private sector to work together to catalyse private capital to accelerate clean energy transitions in Africa – which I believe can be done credibly, transparently, and in line with science.” 

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