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With the rising global demand for carbon credits, Africa’s voluntary carbon credit market presents a significant opportunity to attract climate finance and fund sustainable development. According to the United Nations Environment Programme, Africa accounts for only 4% of global greenhouse gas emissions. Still, it remains disproportionately affected by climate change, including rising sea levels and prolonged droughts, making carbon projects vital for building resilience and driving economic growth.
24 February 26
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It is estimated that there are over 100 carbon credit projects across 20 African countries focusing on renewable energy, household devices, forestry and energy efficiency. However, this pales in comparison to the continent’s vast potential for carbon credits and climate finance, which, according to the Integrity Council for the Voluntary Carbon Market (ICVCM), remains largely untapped, with only 2% of its nature-based potential being utilised through carbon credits. ICVCM estimates that a mature African market could generate up to USD 6 billion annually and create approximately 30 million jobs. This underscores the need for coherent legal frameworks and transparent governance structures to unlock investment at scale.
This article explores how stronger legal frameworks and transparent governance can unlock Africa’s carbon credit potential.
Click here to download and read the full article.
Should you have any questions regarding the information in this legal alert, please do not hesitate to contact Dominic Rebelo or Edwin Odundo.
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Contributors
1. Nabila Mohamed – Associate
2. Rachael Orawo – Trainee Lawyer