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West Africa receives boost for carbon market participation

WAA and VCMI will seek to establish regulatory frameworks to enable access to high integrity and fair voluntary carbon markets for WAA member countries. (Image source: Adobe Stock)

The Voluntary Carbon Markets Integrity Initiative (VCMI) has partnered with the West African Alliance on Carbon Markets and Climate Finance (WAA) in an effort to advance equitable participation in carbon markets for the West African region

VCMI has targeted Africa due to its huge potential supply of high-quality carbon credits but, in order to do so, equitable market access is crucial. Therefore, VCMI is supporting countries to build capacity to access carbon finance flows via its Access Strategies Toolkit. This complements its Claims Code of Practice, where companies can make voluntary use of carbon credits as part of credible decarbonisation pathways. 

WAA shares this vision of a sustainable, high-integrity carbon market ecosystem, including fair and transparent price for carbon credits from the continent and increasing access to market infrastructure and investment opportunities for Alliance member states. 

With aligned aspirations, the two entities have partnered to drive positive change in the region and establish high-integrity carbon markets con the continent. The objectives of the collaboration include enhancing the capacity of WAA member countries to participate in global carbon markets; facilitating the development of ethical and equitable carbon finance flows within WAA member countries; assisting WAA member countries in accessing market mechanisms and climate finance investment opportunities; encouraging the expansion of networks across the public and private sectors to similar the growth of carbon finance activities in WAA member countries. 

Mark Kenber, executive director, VCMI, remarked, “African carbon markets hold extraordinary potential. These markets are not just a potentially powerful mechanism for channelling urgently needed mitigation finance, but can be a powerful catalyst for economic growth, innovation, and equitable development across the continent. Our hope is that by driving integrity into the supply and demand side, we stamp out greenwashing for good. Through our partnership with the WAA, we are aiming to realise this potential. Together, we believe we can contribute to nurturing West Africa’s carbon markets, and, in the process, safeguarding our planet for future generations.”

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