Workshop

Kick-Starting Africa’s Carbon Markets

To date the Clean Development Mechanism has failed to deliver for Africa. Only some 2 percent of all CDM projects originate from Africa, and virtually no projects have been launched in tropical sub-Saharan Africa. Yet, according to a recent World Bank estimate, Africa’s technical potential for CDM projects could be as high as 570m t CO2e per year, which in turn might translate into funding of up to €5bn per year.

The need to make the CDM work in Africa is frequently voiced by governments and market participants, but progress to date has been slow. Clearly, the rules of the CDM need to evolve – particularly with regards to including emission reduction from agriculture, forestry and land-use – if Africa is to benefit fully. But more can also be done within existing rules.

The Africa Progress Panel Secretariat, as part of its brief to draw attention to and communicate opportunities for progress in Africa, on 17 November 2009, convened key stakeholders from African Governments, development partners, civil society and the private sector to identify practical solutions for developing the unexploited CDM potential in Africa.*

Following the workshop, an information note has been produced as an outcome of the workshop, listing opportunities that can be seized immediately and outlining concrete steps for action. This work will not only contribute to a shared understanding of what can and needs to be done right away, but also aims to help mobilize the technical and financial resources to unblock Africa’s carbon markets.