Voluntary Carbon Markets In West Africa: New Partnership Between VCMI And WAA

Voluntary Carbon Markets In West Africa: New Partnership Between VCMI And WAA - Carbon Herald

The Voluntary Carbon Markets Integrity Initiative (VCMI) and the West African Alliance on Carbon Markets and Climate Finance (WAA) announced a new partnership aimed at advancing sustainable and equitable participation in carbon markets in West Africa.

VCMI is committed to advancing high-integrity carbon markets that maximize benefits for climate, people, and nature. Africa holds huge potential to supply high-quality carbon credits and channel finance for economic and social prosperity. Equitable market access is crucial, and VCMI is supporting countries to build capacity to access carbon finance flows via its Access Strategies Toolkit.

This goes hand-in-hand with VCMI’s demand-side integrity work. Through the Claims Code of Practice, companies can make voluntary use of carbon credits as part of credible, science-aligned net-zero decarbonization pathways. Together, VCMI’s tools build integrity, trust and capacity for countries and companies to engage with high-integrity VCMs.

In parallel, WAA, a regional Alliance dedicated to bolstering the role of West African countries in international carbon markets and promoting technology transfer and climate finance for Nationally Determined Contributions (NDC) implementation, shares the vision of a sustainable, high-integrity carbon market ecosystem. This includes fair and transparent pricing for carbon credits from Africa and increasing access to market infrastructure and investment opportunities for Alliance member states.

The partnership between VCMI and WAA is rooted in shared objectives and a mutual commitment to driving positive change in the region and the establishment of high-integrity carbon markets within Africa.

Relevant: VCMI Launches Claims Code For Verifiable Use Of Voluntary Carbon Markets

These objectives include:

  • Empowering WAA Member Countries: Enhancing the capacity of WAA member countries to participate in global carbon markets, leverage technology transfer, and access climate finance based on results for NDC implementation.
  • Promoting High-Integrity Carbon Finance: Facilitating the development of ethical and equitable carbon finance flows within WAA member countries, contributing to their economic, social, climate, and biodiversity prosperity, especially in low- and middle-income nations.
  • Facilitating Market Access: Assisting WAA member countries in accessing market mechanisms and climate finance investment opportunities at both national and sub-regional levels.
  • Building Collaborative Networks: Encouraging the expansion of networks across the public and private sectors to stimulate the growth of carbon finance activities in WAA member countries.

Relevant: ICVCM Publishes Criteria For Core Carbon Principle Standards

Mark Kenber, VCMI: “African carbon markets hold extraordinary potential. These markets are not just a potentially powerful mechanism for channeling urgently needed mitigation finance but can be a powerful catalyst for economic growth, innovation, and equitable development across the continent. Our hope is that by driving integrity into the supply and demand side, we stamp out greenwashing for good. Through our partnership with the WAA, we are aiming to realize this potential. Together, we believe we can contribute to nurturing West Africa’s carbon markets, and, in the process, safeguarding our planet for future generations.”

Ousmane Fall SARR, West Africa Climate Alliance Coordinator: “We consider our partnership with VCMI an opportunity to facilitate the establishment of regulatory frameworks enabling access to high integrity and fair voluntary carbon markets for Alliance member countries.”

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts
Translate »