WHAT: The Africa Multi Stakeholder Conference on Carbon Markets.

WHEN: 24 – 26 July 2024

Official opening ceremony of the workshop: Wednesday 24^th July at 9:00 EAT.

WHERE: Addis Ababa, Ethiopia (African Union Headquarters)

WHO: The African Union Commission (AUC) through its Department of Agriculture, Rural Development, Blue Economy and Sustainable Environment (ARBE), in collaboration with its partners.

OBJECTIVE:

The overall goal of the Conference is to provide a platform for the African continent to deliberate on carbon markets, the approaches and opportunities they present, the threats they pose and possible options the continent can explore, taking into consideration its circumstances.

SPECIFIC OBJECTIVES:

• Promote knowledge sharing and awareness;
• Facilitate dialogue and collaboration,
• Identify opportunities and solutions: 
• Build consensus and recommendations:

EXPECTED OUTCOME:

The overall outcome of the conference is policy recommendations in a form of “An African Aspiration and Action Plan on Carbon Markets (AAAPCM)”

• Increased awareness and understanding of carbon markets and their potential to Africa.
• Understanding of Perspectives of sellers, buyers and investors in carbon markets.
• Key opportunities, challenges, and areas for research and action related to carbon markets in Africa highlighted.
• Practical recommendations and principles that will guide the continent in its engagement in the carbon landscape.
• Capacity gaps on carbon market approaches identified.

PARTICIPANTS:

The conference will bring together: Government representatives from AU Member States, representatives of Regional Economic Communities (RECs), private sector entities, including businesses and financial institutions, civil society organizations (CSOs), representatives from Indigenous Peoples and Local Communities (IPLCs) organizations, Academia and research institutions, Women and youth groups and partners.

Background:

The use of natural resources for economic growth presents opportunities for Africa as the continent strives to green its economy. As a continent most affected by the adverse effects of climate change, it is encouraging to see that there are opportunities in Africa’s rich natural capital for sustainable energy by including market value on activities that can reduce Greenhouse Gas (GHG) emissions. The carbon market is increasingly being used not only as a tool for reducing greenhouse gas emissions but also as a tool to mobilize additional finance for this transformation.

In 2015, the global community concluded the Paris Agreement (PA) to combat climate change by limiting global temperature rise to well below 2°C. The Agreement engages all countries through their Nationally Determined Contributions (NDCs) and to achieve their NDCs, some African countries proposed to use the carbon markets as quick measures to capture or significantly reduce the GHG emissions. While the Clean Development Mechanism (CDM) under the Kyoto Protocol raised controversy on its purpose, The Paris Agreement established a new generation of voluntary carbon markets^[1] through its article 6 as a transition measure to the CDM. With Article 6 rules yet to be concluded under the climate change negotiations, it is imperative for Africa to actively participate in shaping them so that they reflect regional circumstances and enable the continent to access new schemes of climate finance.

For African countries, trading of carbon credits represents an opportunity for economic development, job creations, access to climate finance and a driver for change that can contribute to the global fight against climate change, the realization of the Aspirations of Agenda 2063, and the sustainable development goals. For example, the Carbon market can be a mechanism to channel new investment into Energy Access and security on the Continent, contribute to infrastructure development and can also help African countries to meet their voluntary greenhouse gas reduction targets.

Media inquiries:

Mr. Molalet Tsedeke | Information and Communications Directorate| African Union Commission | Email: MolaletT@africa-union.org; Tel. +251-911-630-631; www.au.int