Independent African organizations claim the system is deceptive and imposes neo-colonial impediments to real development paths in Africa.
Climate activists have criticised the recently created Africa Carbon Markets Initiative (ACMI), claiming that it will thwart attempts to cut greenhouse gas emissions at their source since it is unable to achieve the targets it has set forth for the continent.
The climate-focused organisation Power Shift Africa and collaborators compared the ACMI to a “wolf in sheep’s clothing” that will cause “numerous new and serious problems while not providing any real benefits” in a paper made public on Tuesday.
The African Carbon Market Initiative (ACMI), also known as COP27, was introduced last year in Egypt at the 27th United Nations Climate Change Conference in order to increase Africa’s output of carbon credits to 300 million credits annually by 2030 and to create jobs on the continent.
The inaugural African Climate Summit, which was held in Kenya last week, is reported to have received pledges for the effort totaling hundreds of millions of dollars. By 2030, the UAE Carbon Alliance has promised to buy $450 million worth of carbon credits from the ACMI.
Carbon credits and other comparable market-driven financial instruments are crucial for freeing billions for their countries’ requirements in climate finance while enhancing energy access, according to African nations including Kenya, Malawi, Gabon, Nigeria, and Togo.
The ACMI, according to Power Shift Africa’s assessment, is a “threat” rather than a “opportunity” for African countries because of “failures” in the carbon markets. It claims that instead of reducing their emissions, polluting businesses in wealthy nations purchase shady pollution permits.
“Carbon markets benefit the polluters, the fossil fuel companies and the market brokers. It will drive pollution beyond climate limits and put neo-colonial obstructions to the attainment of genuine African development pathways,” the authors warn.
One of the authors of the research, Maimoni Mariere Ubrei-Joe, is convinced that the carbon-market plan won’t reduce emissions at their source. She is the Coordinator of the Climate Justice and Energy Programme at Friends of the Earth Africa.
“We must reject any initiative that has no focus on attaining 100% renewable energy in the African continent,” Ubrei-Joe added.
Over 400 civil society organisations signed a petition last month urging Kenyan President William Ruto to attend this week’s African Climate Summit in Nairobi, citing their “grave” worry about being left out.
According to the group, Western countries and organisations, notably the American company McKinsey, had taken control of the summit and were “hell-bent” on promoting a pro-Western agenda and interests at the expense of Africa.
