PLEA Network

7 September 2023, Climate Home News: A wolf in sheep’s clothing: why Africa should shun carbon markets. Turning Africa into a source of carbon credits will benefit polluters and middlemen, not most Africans and not the planet. There is increasing hype and push for so-called voluntary carbon markets in Africa. Politicians, businesses, some NGOs and big philanthropy are trying to get an African Carbon Market Initiative off the ground, which would allow companies to buy carbon credits in exchange for continued emissions. It’s become a major topic of controversy in the run up to the Africa Climate Summit this month. But Africa’s leaders should think twice before supporting this wolf in sheep’s clothing. The idea is that some of the money paid by the corporations for these “carbon credits” – or more accurately, permits to pollute – would go towards projects in Africa that avoid or reduce emissions: renewable energy projects, or land and nature schemes that aim to capture carbon from the atmosphere. But a number of key questions are being ignored – do they work for African people, the climate and development? or western polluters, they are a silver bullet painkiller that allows them to keep pumping greenhouse gases into the atmosphere. But for Africa, they are a placebo drug that ends up making the pain of climate change far worse. Africa is indeed right to demand climate funding from the global north, who caused the climate crisis which is devastating African people, economies, and nature in the first place. But instead of signing up to a carbon market initiative that is full of booby traps, African leaders should use the opportunity to work together with others in the global south to interrogate where the real and essential money is for the critical role we play in protecting forests and nature, without which the Paris Agreement would fail? Where is the money for the actions to reduce emissions and adapt to climate change that we need and deserve? Read more here