Africa’s Green Gold: Billions in Carbon Credit Potential Unveiled

January 24, 2024
1 min read

Climate finance for Africa has received a boost with the launch of the African Carbon Markets Initiative (ACMI), aimed at unlocking the carbon credit potential of the region. ACMI intends to mobilize $100 billion in carbon credits per year by 2050 and generate 300 million new carbon credits annually by 2030. The Jospong Group of Companies (JGC) has signed a memorandum of understanding with EKI Energy Services to accelerate carbon credit development in Ghana, with a target of securing $1 billion in carbon credit financing. Kenya and Nigeria are also taking steps to develop their carbon credit markets. Nigeria is estimated to have a $2.5 billion carbon credit opportunity, while Kenya has recently amended its Climate Change Act to regulate carbon markets and establish a national carbon registry. The African nations are collaborating to drive climate action and attract innovative financing.

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