Dr. Mahmoud Mohieldin, the climate pioneer of the Egyptian presidency of the Conference of the United Nations Convention on Climate Change «COP27), and the United Nations Special Envoy concerned with funding the 2030 Agenda for Sustainable Development, confirmed that the African Carbon Markets Initiative resulted from regional cooperation between African countries, and contributes to providing financing The working climate in the various continental nations is essential.
This came up during his participation in the session that saw the initiative’s launch, which took place today, Tuesday, as part of the activities of the 27th party in Sharm El-Sheikh, with the participation of Kenyan President William Roto, Malawian President Lazaros McCarthy Shakuerra, Gabonese Minister of the Environment Lee White, and several other African Ministers and representatives of international organizations.
According to Mohiuddin, the initiative is in line with the five priorities of the conference of the twenty-seventh parties because African nations are keen to put it into practise by establishing carbon markets that help implement the different aspects of climate work, such as mitigation and adaptation procedures, which means that they come from the comprehensive orientation of climate work.
The initiative, he continued, represents regional cooperation and integrity, in addition to realising the principle of climate work resettlement, as evidenced by the results seen among African farmers and small businesses, as well as the positive effects of carbon markets on the expansion of the continent’s economies, which serve as a source of funding for climate work.
According to Muhyiddin, the carbon market is expanding dramatically on a global scale. Since 2016, it has grown by 31%, and the demand for carbon balances has increased by about 50%. This growth in demand for carbon balances in Africa highlights the significance of the African carbon market.
In order to maximise the benefits from those markets, which are a great opportunity to grow and draw investments, Muhyiddin stressed the importance of achieving a fair and transparent distribution regarding the returns for those markets. He also emphasised the need to keep in mind the economic dynamics of Africa.
African presidents and ministers who took part in the session all agreed that, given the continent’s need for funding sources for climate work and green transformation, it is crucial to establish and develop carbon markets that are compatible with African economies.
In order to develop sustainable mechanisms for funding climate work on the continent, participants also urged all parties, including the private sector, to take part in the establishment and growth of carbon markets in Africa.
African Carbon Markets Initiative launch during “COP27”
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