The African carbon market is expected to grow, mostly driven by the articulation of Article 6 of the Paris Agreement and the Voluntary Carbon Markets (VCM). In this policy brief, we present an action plan for key stakeholders on how to integrate good governance into the development of carbon markets on the continent to ensure equity and justice in the climate transition. The 7-point action plan includes: (1) Restructuring carbon markets to achieve poverty and vulnerability reduction; (2) Enabling cross-border carbon market development; (3) Embedding resource rights into the development of carbon markets; (4) Accelerating the transition to regulated carbon markets; (5) Strengthening domestic resource mobilisation for carbon market investments; (6) De-risking domestic investments to attract domestic investors; and (7) Linking the development of the VCM to the implementation of Article 6. The recommendations are for different sets of actors willing to work in partnership with national governments to ensure integration of equity and justice criteria into the governance of carbon markets.
This report was written by Jessica Omukuti, Hope Njoroge, Jose Maria Valenzuela, Javier Lezaun and Yusuf Olalere.
