Mangrove forest in Gambia
African leaders eye carbon market potential
Decarbonisation push and shifting multilateral trade policy sharpens continent’s need for carbon trading
The expansion of carbon markets across Africa might still be in the early phase, but industry advocates hope the launch of Nigeria’s domestic market could be the spark for wider adoption. In March, Nigerian Vice-President Kashim Shettima announced a committee tasked with creating a $2.5b blueprint for the new market. The clock is ticking to wean Africa’s most populous nation and largest economy off fossil fuels. Back in 2021, then-President Muhammadu Buhari made a pledge to reach net zero by 2060. This ambition was then further strengthened at COP28, in December, when the country’s current president, Bola Tinubu, laid out plans for a domestic carbon market. “The federal government has tasked
Also in this section
12 November 2024
Standards have been agreed for a mechanism under Article 6.4 of the Paris Agreement to trade carbon credits internationally
8 November 2024
The energy sector will need all viable technologies to meet surging demand as AI and datacentres drain power grids
31 October 2024
Russia still aspires to become a major supplier of hydrogen, CO₂ storage capacity and carbon credits, despite financial constraints and the loss of Western technology and expertise
30 October 2024
Occidental subsidiary signs agreement with Enterprise Products Partners for pipelines and transport services for Bluebonnet hub
