Africa’s ambitious plan to harness carbon markets for development

Africa, a continent blessed with vast green energy reserves, is gearing up to maximize its share in the booming global carbon credit market, which has reached a staggering $909 billion in the past year. With the launch of the African Carbon Markets Initiative (ACMI), Africa aims to tap into this lucrative market to fund its development projects while combating climate change and promoting sustainable growth.

The ACMI sets forth ambitious objectives, including boosting carbon credit potential, expanding access to clean energy, promoting sustainable development, and creating job opportunities across the continent. Backed by a strategic roadmap, ACMI aims to significantly increase Africa’s participation in the voluntary carbon credit market, with a focus on generating 300 million carbon credits and unlocking $6 billion in annual revenues by 2030.