Africa Carbon Markets Initiative Faces Criticism from Climate Activists

Africa Carbon Markets Initiative Faces Criticism from Climate Activists

The Africa Carbon Markets Initiative (ACMI), launched last year during COP27 in Egypt, has drawn both attention and controversy. The initiative aims to significantly boost Africa’s carbon credit production, targeting 300 million credits annually by 2030, all while creating employment opportunities across the continent.

Recent developments at the first African Climate Summit held in Kenya have seen substantial pledges pouring into the ACMI. The United Arab Emirates (UAE) Carbon Alliance pledged a staggering $450 million for the purchase of carbon credits from ACMI by 2030. Several African governments, including Kenya, Malawi, Gabon, Nigeria, and Togo, view carbon credits as instrumental in securing climate finance and expanding energy access.

Despite the ACMI’s ambitious goals and the financial support it has garnered, it faces strong opposition from climate activists. In a report released this week, the climate-focused organization Power Shift Africa and its partners have criticized the initiative, likening it to a “wolf in sheep’s clothing.”

Power Shift Africa’s report argues that carbon markets, including the ACMI, are fundamentally flawed and pose a significant threat rather than an opportunity to African nations. The report highlights concerns that wealthy companies in developed nations often opt to purchase questionable pollution permits rather than reducing their emissions.

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Critics Point to Inequities

The report underscores the belief that carbon markets primarily benefit polluters, fossil fuel companies, and market brokers, rather than effectively curbing emissions. This perspective raises questions about the effectiveness of the ACMI in addressing the root causes of climate change.

Maimoni Mariere Ubrei-Joe, Coordinator of the Climate Justice and Energy Program at Friends of the Earth Africa, one of the authors of the report, emphasizes the need for a shift in focus. Ubrei-Joe believes that initiatives like the ACMI should prioritize attaining 100% renewable energy sources in Africa rather than relying on carbon credits.

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In a related development, over 400 civil society organizations expressed concerns about their exclusion from the African Climate Summit held in Nairobi. They claimed that Western governments and organizations, including American firm McKinsey, had hijacked the summit’s agenda and were promoting pro-Western interests at the expense of Africa.

The ACMI’s controversial reception highlights the delicate balance between securing climate finance for African economies and addressing concerns about the effectiveness and fairness of carbon markets. As the initiative moves forward, it faces the challenge of reconciling these diverse perspectives to genuinely contribute to Africa’s sustainable development and climate goals.

The Africa Carbon Markets Initiative stands at a crossroads, with ambitious goals and substantial financial support on one side and criticism from climate activists on the other. As Africa navigates its path toward climate resilience and sustainability, striking the right balance between carbon markets and renewable energy solutions will be a complex yet crucial challenge. The global community will be watching closely as these discussions and debates continue to unfold.

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