Dr Mahmoud Mohieldin, UN Climate Change High Level Champion for Egypt and UN Special Envoy on Financing 2030 Sustainable Development Agenda, said the Africa Carbon Markets initiative is a result of collaboration between African countries to finance climate action in the continent.
His remarks came during a session on the launch of the Africa Carbon Markets initiative at COP27.
Kenyan President William Ruto, Malawi’s President Lazarus McCarthy Chakwer, a number of African ministers and representatives of international and regional organizations attended the session.
“The initiative is in line with all five priorities of COP27 as African countries want to implement the initiative to help in adaptation and mitigation measures,” Mohieldin said.
“The initiative represents regional collaboration and integration and localises climate action, of which the results will be felt by farmers in Africa,” Mohieldin added.
Carbon markets have grown 31 per cent since 2016, while demand for carbon credits rose 50 per cent, he said, noting African carbon credit demand is on the increase.
Carbon markets are important for Africa as they render the continent better able to finance climate action, he said.
The climate champion highlighted the need for fair distribution and transparency regarding carbon market revenues, the climate champion said.
It is important to consider African economic dynamics to benefit most from these markets that represent opportunities for growth and investment, he added.
