![]() ![]() ![]() The report identifies 13 action programs to support the growth of voluntary carbon markets (VCMs) on the continent. As the VCM scales in Africa, USAID and ACMI will ensure that it does so with integrity as a core pillar.” To stimulate the production of high-integrity credits, the ACMI is collaborating with global integrity initiatives like the Integrity Council for the Voluntary Carbon Market (IC-VCM) and the Voluntary Carbon Markets Integrity Initiative (VCMI), as well as other regional carbon market platforms.ĪCMI released Africa Carbon Markets Initiative, Roadmap report: Harnessing carbon markets for Africa at the initiative’s COP 27 launch event. ACMI steering committee member and USAID Chief Climate Officer Gillian Caldwell noted, “The African voluntary carbon market will only succeed if people trust that African credits are driving real climate action and having a positive human impact. Achieving the Africa Carbon Markets Initiative targets will provide much-needed financing that will be transformative for the continent.”Ĭrucially, ACMI is committed to supporting high-integrity credits where an equitable and transparent distribution of revenue goes to communities. Commenting on ACMI’s ambition, Damilola Ogunbiyi, the CEO of SEforALL and a member of the ACMI’s steering committee, said, “The current scale of financing available for Africa’s energy transition is nowhere close to what is required. By 2050, ACMI is targeting over 1.5 billion credits produced annually in Africa, leveraging over $120 billion and supporting over 110 million jobs. This level of production would unlock 6 billion in income and support 30 million jobs. Mahmoud Mohieldin and Nigel Topping.ĪCMI announced a bold ambition for the continent-to reach 300 million credits produced annually by 2030. The initiative was inaugurated at COP 27 in collaboration with The Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL), and the UN Economic Commission for Africa, with the support of the UN Climate Change High Level Champions – Dr. Led by a thirteen-member steering committee of African leaders, CEOs, and carbon credit experts, the Africa Carbon Markets Initiative (ACMI) was launched today with the aim of dramatically expanding Africa’s participation in voluntary carbon markets. However, Africa currently produces only a tiny percentage of its carbon credit potential. Ivan Duque, former President of Colombia, and David Antonioli, CEO of Verra, announced the creation of a new consortium, the Nature Framework Development Group, which aims to develop a market leading nature/biodiversity credit.Ĭarbon markets offer an incredible opportunity to unlock billions for the climate finance needs of African economies while expanding energy access, creating jobs, protecting biodiversity, and driving climate action.Major carbon credit buyers and financiers, such as Exchange Trading Group, Nando’s, and Standard Chartered announced plans to set up an advance market commitment (AMC) of hundreds of millions of dollars for high-integrity African carbon credits.Multiple African nations including Kenya, Malawi, Gabon, Nigeria and Togo joined the ACMI launch event to announce their commitment to scaling voluntary carbon markets.The release of “ Africa Carbon Markets Initiative, Roadmap report: Harnessing carbon markets for Africa” an ACMI report which identifies 13 action programs to support the growth of voluntary carbon markets (VCMs) across Africa.Distribute revenue equitably and transparently with local communities.Support 30 million jobs by 2030 and over 110 million jobs by 2050.Unlock 6 billion in revenue by 2030 and over 120 billion by 2050.Produce 300 million carbon credits annually by 2030, and 1.5 billion credits annually by 2050. ![]() As part of the launch today at COP 27, the following announcements were made:ĪCMI’s ambition is for the growth of African voluntary carbon markets to: The new Africa Carbon Markets Initiative (ACMI), which was inaugurated today at CO27, aims to support the growth of carbon credit production and create jobs in Africa. Africa Carbon Markets Initiative launched to dramatically expand Africa’s participation in voluntary carbon market By Climate Champions | November 8, 2022 ![]()
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