Climate activists have opposed Africa’s plan to sell carbon credits to foreign countries.
Several foreign companies and countries have committed hundreds of millions in carbon credit purchases from the Africa Carbon Markets Initiative (ACMI), including the United Arab Emirates, which pledged to buy $450m (£358m) in carbon credits.
However, climate groups like Greenpeace Africa and Friends of the Earth Africa say that buying carbon credits from Africa is a false solution to climate change and will only accelerate pollution by helping polluters to offset their emissions.
“Investing in carbon markets is a false solution. The real green investment lies in renewable energy,” GreenPeace Africa said on X.
Africa’s carbon markets have received prominence at the Africa Climate Summit in Nairobi, Kenya this week.
On Monday, Kenya’s President William Ruto said that carbon credits trade presents a win-win solution as it will offset greenhouse gas emissions while generating revenue for Africa.
“The restoration and expansion of Africa’s natural carbon sinks are not just an environmental imperative, in fact, they are an unapparelled economic goldmine. They have the potential to absorb millions of tonnes of carbon dioxide annually, which should translate into billions of dollars if we are living in a fair world,” Mr Ruto said.
ACMI aims to support Africa’s carbon markets to produce 300 million carbon credits annually by 2030.