Unleashing Africa’s Climate Finance with Billions of Carbon Credit Potential
- Media Manager
- Jan 24, 2024
- 1 min read
Updated: Feb 28, 2024
Carbon Credits
Written By: Jennifer L
Published: January 24th, 2024
Photo Credit: Unsplash/CC0 Public Domain
Climate finance for the African continent witnessed a significant stride with the launch of the African Carbon Markets Initiative (ACMI), unlocking the region’s carbon credit potential. The initiative seeks to make climate finance available for African nations, fostering increased access to clean energy and sustainable development.
The recent Memorandum of Understanding (MoU) that the Jospong Group of Companies (JGC) has with EKI Energy Services signals a joint effort to accelerate carbon credit development in the region, specifically in Ghana. The collaboration aims to secure an impressive $1 billion in carbon credit financing in the West African nation.
Other countries in the region are also ramping up their efforts in developing their carbon credit markets, with Kenya and Nigeria taking the lead.
Africa’s Carbon Quest: 300M Credits Annually by 2030
Championed by a 13-member steering committee comprising African leaders, chief executives, and industry specialists, ACMI aims to broaden the continent’s involvement in voluntary carbon markets. These markets serve as trading platforms, enabling individuals, businesses, and governments to finance projects that contribute to emission reduction.
