Lagos is launching the first subnational carbon exchange in Africa, and the second globally after Canada. The expectation is that the carbon exchange will position Lagos as a hub for compliance carbon markets and attract capital and low-carbon investments.The launch also coincides with the implementation of an $80 million dollar clean cooking project. Billed as the world’s largest Paris Agreement Crediting Mechanism (PACM)-Compliant Clean Cookstoves Project, it is set to generate an estimated 1.2 billion tonnes of compliance-grade carbon offsets, unlock new revenue streams and create 35 million green jobs. The project’s implementation phase starts in June 2025, and will include a ‘pay-to-cook’ programme where beneficiaries will receive a monthly stipend and free health insurance. GreenPlinth Africa President and CEO Dr. Olawale Akinwumi (a partner in the carbon exchange), emphasised GreenPlinth’s contributions to the project: “With a governance team boasting over 200 years of combined experience in carbon finance and sustainability, GreenPlinth Africa ensures strong leadership and expert execution.”
