Carbon markets have been highly controversial this year, particularly forestry related projects in Africa. At a convening of experts on 17 November 2023, Simon Mavel an economist at the UN Economic Commission for Africa (UNECA) presented a paper on Greening the African Continental Free Trade Agreement (AfCFTA). His findings showed that pursuing existing National Determined Contributions (NDCs), or establishing an African carbon market on top of the AfCFTA reforms, would substantially reduce GHG emissions. He stated that “although there is a trade-off between reducing GHG emissions and spurring economic benefits, establishing an African carbon market is particularly effective at reducing GHG emissions, while largely preserving foreseen economic benefits from AfCFTA”. He also added that an African carbon market is more efficient than existing NDCs in meeting Africa’s climate objectives.
