#ACS23: AFRICA’S CARBON CREDIT POTENTIAL

The African carbon credit market has the potential to generate more than $50 billion in the next 7 years for the continent.
According to U.S Special Presidential Climate Envoy, John Kerry, the African Carbon Markets Initiative (ACMI) has the potential to position the Continent as a major driver of carbon credits to fund green projects.
Launched at COP27 the African Carbon Markets Initiative aims at scaling the market to 300 million carbon credits retired annually by 2030, and 1.5 billion credits annually by 2050. ACMI plans to raise up to 6 billion dollars by 2030 and more than $100 billion per annum by 2050 while creating 30 million jobs by 2030 and more than 100 million jobs by 2050.
However, a lack of clear policies and proper guidelines is holding back investment. This even as stakeholders consider alternative ways of financing climate change efforts.