Africa Clean Sweeps into $900B Global Carbon Credit Economy
ACMI’s prime target is to generate 300 million carbon credits and unlock 6 billion annual revenues by 2030. By 2050, ACMI is targeting over 1.5 billion annual credits, leveraging over $120 billion and supporting over 110 million jobs.
The value of the global carbon credit market is growing exponentially and has reached a record-breaking high of $909 billion in the last year. Africa a continent with vast green energy reserves, is looking ahead to amplify their share in worldwide carbon trading to fund their development projects.
Nonetheless, Africa is facing several challenges to combat climate change and adapt to green energy transition. The global participants in the United Nations Framework Convention on Climate Change (UNFCCC) have pledged to support developing nations like Africa by providing financial aid, infrastructure support, and technological assistance to enhance climate actions.
The graph shows the projected growth of the African carbon market.
The African continent aims to maximize its carbon credit economy with the of launch the African Carbon Markets Initiative (ACMI). The key objectives are:
- boost carbon credit potential,
- increase access to clean energy
- promote sustainable development
- create job opportunities in the country
ACMI has etched a roadmap to dramatically expand Africa’s parti( article continues at CarbonCredits.com )