The global carbon credit market is valued at around $909bn. Africa is beginning to tap into this lucrative resource but a more coordinated effort across the continent could reap rich benefits, writes Faustine Ngila.
Carbon credit markets enable industrialised nations and businesses to offset their carbon emissions by investing in eco-friendly projects elsewhere. One carbon credit or offset represents one metric ton of carbon dioxide removed from the earth’s atmosphere. Africa, with its wealth of renewable energy sources, can benefit considerably through judicious and informed use of these markets.
Different countries, including South Africa, Morocco, Kenya, Malawi, Gabon, Nigeria, and Togo have been pursuing this concept through different initiatives. Efforts including forest regeneration, and harnessing sustainable energy sources like solar, wind, and hydroelectric power have been growing and contributing to the overall global carbon offset…