VCMI and ACMI Announce Strategic Partnership to Scale Up Africa’s Voluntary Carbon Market
London, United Kingdom – 25 September 2024: The Voluntary Carbon Markets Integrity Initiative (VCMI) and the Africa Carbon Markets Initiative (ACMI) at New York Climate Week today announced a strategic partnership to help both scale-up and shape high-integrity carbon markets across Africa.
Africa is responsible for only a fraction of global greenhouse gas emissions but is disproportionately facing the worst effects of climate change. Some $2.8 trillion in climate finance will be needed between 2020 and 2030 for Africa to realize its climate change plans as set out in nationally determined contributions (NDCs)1.
Through this partnership, ACMI and VCMI aim to support governments across the continent to establish holistic carbon market frameworks, attract finance, and raise international awareness of the climate protection opportunities in the region.
This collaboration will focus on three key areas of activity;
- Harmonizing tools and frameworks: Providing practical guidance for African governments on developing robust carbon market policies, aligning toolkits developed by VCMI and ACMI to create a cohesive framework for participation in the voluntary carbon market.
- Education and training: Supporting capacity building initiatives to increase local technical expertise.
- Raising awareness and knowledge sharing: Collaborating on intelligence, events and insights driving awareness of the opportunities available in Africa.
Africa currently only realizes a small portion of its carbon credit potential – around 2% annually2. Development of high-integrity voluntary carbon markets across the continent can deliver finance to leverage Africa’s diverse terrestrial and marine ecosystems, vast arable land and abundant renewable energy resources. This supports the development of projects that help tackle and build resilience to the impacts of climate change, alongside other benefits including enhancing food security and creating green jobs.
“VCMI and ACMI are joining forces to scale high-integrity carbon markets in Africa.” said Lydia Sheldrake, Director of Policy and Partnerships at VCMI. “This partnership combines our efforts on country engagement, capacity building and private sector mobilization to accelerate climate finance and action across the continent, bringing benefits to people and nature.”
“ACMI is honored to work with African governments in creating conducive policy and regulatory environments for introducing and scaling high-quality, high-integrity carbon markets,” adds Paul Muthaura, Chief Executive Officer at ACMI. “This is complemented by initiatives on the empowerment of local project developers, ecosystems and communities to catalyze demand and support equitable allocation of credit revenues.”
“We are encouraged by the ongoing discussions on a continental approach to carbon markets with the AU Commission, UNECA and AfDB. This coordination will engender much-needed carbon market policy and framework coordination across African countries.”
“To underpin this continental approach, ACMI is proud of our evolving partnerships with ICVCM, VCMI, and IETA, who respectively and collaboratively will ensure the upholding of integrity in scaling carbon markets in Africa.”
This partnership highlights a shared vision for a transparent, credible and impactful carbon market that delivers tangible benefits for African communities, economies and ecosystems.”
About VCMI
The Voluntary Carbon Markets Integrity Initiative (VCMI) is the issuing body behind the ‘Carbon Integrity’ mark. It is an international non-profit organization with a mission to enable high-integrity voluntary carbon markets (VCMs) that deliver real and additional benefits to the atmosphere, help protect nature, and accelerate the transition to ambitious, economy-wide climate policies and regulation.
www.vcmintegrity.org
About ACMI
The Africa Carbon Markets Initiative (ACMI) is a collaborative effort supported by a coalition of organizations committed to expanding African carbon markets as a catalyst for green development, job creation, prosperity, and equality for the benefit of both people and the planet. The initiative aims to meaningfully scale high-integrity, equitable and transparent carbon markets in Africa by addressing the challenges to voluntary and compliance carbon market growth as well as the obstacles hindering Article 6 carbon trading. By making carbon markets a viable financial tool for African nations, ACMI works to accelerate just and sustainable energy transitions and realize environmental, developmental and economic benefits for local communities.
www.africacarbonmarkets.org
Contacts
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