During the Africa CEO Forum in Abidjan, Côte d’Ivoire on June 6, 2023, Samaila Zubairu, President of the Africa Finance Corporation (AFC), emphasized the need for African countries to capitalize on carbon markets.
He proposed establishing a carbon markets foundation to equip African governments with the knowledge and expertise to maximize benefits for their populations.
African Carbon Markets Initiative (ACMI)
Launched in November 2022, the ACMI aims to generate 300 million carbon credits annually by 2030 and 1.5 billion by 2050, unlocking $6 billion in revenue by 2030 and over $120 billion by 2050.
The initiative also targets creating 30 million jobs by 2030 and over 110 million by 2050, driving economic and environmental benefits.
Past Advocacy for Carbon Trading
At the 2022 US-Africa Leaders’ Summit, Zubairu advocated for a carbon trading system in Africa, calling for collaboration with US impact investors, philanthropists, fund managers, research institutions, and technology organizations.
He highlighted carbon markets as a mechanism to channel investments into energy security, provide cleaner energy alternatives for millions reliant on firewood, and address energy poverty.
These efforts also support African countries in meeting voluntary greenhouse gas reduction and national renewable energy targets.
Carbon Markets Explained
Carbon markets function as trading systems where carbon credits are bought and sold. Companies and individuals can purchase credits from entities that reduce or remove greenhouse gas emissions to offset their own emissions, incentivizing sustainable practices.
