By Tom Jackson, Ventures Africa:
A loan scheme and methodological guidelines adopted at this year’s African Carbon Forum in Addis Ababa are looking to smooth Africa’s entry into carbon markets, with East Africa set to play a leading role.
The move is designed to allow more African countries to adopt the Clean Development Mechanism (CDM), introduced by the United Nations Framework Convention on Climate Change (UNFCCC), which involves implementing emissions reductions projects and earning sellable carbon credits. This has been adopted by many developing countries, but so far Africa has been lagging behind as a result of the lack of methodology. Of the registered 3,927 CDM projects across the world, only 84, just over two per cent, are in Africa. East Africa seems to be the preferred destination for carbon investors, offering real opportunities to renewable energy businesses in the region. Seven of the nineteen carbon sequestration projects in Africa are based in Kenya, Uganda and Tanzania… Read more