Why Africa should reject carbon trade as source of funding

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"But carbon markets benefit the polluters, the fossil fuel companies and the market brokers. It will drive pollution beyond climate limits and puts neo-colonial obstructions to the attainment of genuine African development pathways. It is a wolf in sheep's clothing that will bite back, creating numerous new and serious problems while not providing any real benefits,'' said the report.

The report might sound shocking and controversial at the time when African countries are eyeing carbon credit markets to fund adaptation and mitigation.

In fact, President William Ruto on Monday said Africa's carbon sinks were an "unparalleled economic goldmine".

"They have the potential to absorb millions of tons of Co2 annually, which should translate into billions of dollars," he said. Kenya has been hailed as a continent leader in carbon credit markets and on September 1, President Ruto signed into law the amended Climate Change Bill, 2023, which will give guidelines to allow trade in carbon credits.

A single credit represents one tonne of carbon dioxide removed or reduced from the atmosphere. Companies normally buy credits generated through initiatives like renewable energy, planting trees or protecting forests.

William Asiko, Vice President of the Rockefeller Foundation, Africa Regional Office, Africa echoes President Ruto's remarks, saying Africa should now think of an alternative source of funding from the private sector with an eye on carbon credits.

''The carbon market is within our control and can be an alternative source of financing even if it's a long-term goal and also not a ticket out of effects of greenhouse gas emissions,'' said Asiko last week. But according to the new report, Western companies will continue to emit huge quantities of greenhouse gases (GHG) in coming decades, purchasing carbon credits to 'offset' these emissions.

''But there is no room for the illusion of offsets in a world that has vastly exceeded safe levels of climate pollution and where polluting companies ought to be aiming for real zero emissions, not net zero, as fast as possible. Climate science is clear there is no time for pretending there is an offsetting alternative if we are to keep within the 1.5o C target or even below the unimaginable disaster of 2o C of warming1,'' said the report.