The creation of strong carbon markets in Africa is seen as a potential solution to the continent's economic challenges. Africa's vast natural resources, including forests, grasslands, and renewable energy sources (solar, wind, geothermal, and hydropower), make it well-suited for generating tradable carbon credits. This could lead to significant economic and development benefits. The World Bank reports that carbon pricing revenue hit $104 billion in 2023, and the UN Economic Commission for Africa suggests that Africa could generate $15 billion annually and create 85 million jobs through nature-based carbon removal projects.
Herbert Smith Freehills' Ernst Muller (Director) and Jannis Bille (UK Head of ESG) discuss the current work in progress, COP29 developments and what African countries could expect looking ahead.
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