{"id":49177,"date":"2023-09-07T12:41:32","date_gmt":"2023-09-07T11:41:32","guid":{"rendered":"https:\/\/www.climatechangenews.com\/?p=49177"},"modified":"2023-09-07T12:41:32","modified_gmt":"2023-09-07T11:41:32","slug":"africa-carbon-markets-initiative","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2023\/09\/07\/africa-carbon-markets-initiative\/","title":{"rendered":"A wolf in sheep&#8217;s clothing: why Africa should shun carbon markets"},"content":{"rendered":"<p><span style=\"font-family: georgia,serif;\"><strong>There is increasing hype and push for so-called voluntary carbon markets in Africa.<\/strong> <\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">Politicians, businesses, some NGOs and big philanthropy are trying to get an African Carbon Market Initiative off the ground, which would allow companies to buy carbon credits in exchange for continued emissions.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">It\u2019s become a major topic of controversy in the run up to the Africa Climate Summit this month. <\/span><span style=\"font-family: georgia,serif;\">But Africa\u2019s leaders should think twice before supporting this\u00a0wolf\u00a0in\u00a0sheep&#8217;s\u00a0clothing.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">The idea is that some of the money paid by the corporations for these \u201ccarbon credits\u201d &#8211; or more accurately, permits to pollute &#8211; would go towards projects in Africa that avoid or reduce emissions: renewable energy projects, or land and nature schemes that aim to capture carbon from the atmosphere.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">But a number of key questions are being ignored &#8211; do they work for African people, the climate and development?<\/span><\/p>\n<blockquote><p><a href=\"https:\/\/www.climatechangenews.com\/2023\/09\/04\/uae-africa-carbon-credits\/\" target=\"_blank\" rel=\"noopener\"><strong>UAE pitches<\/strong> itself as Africa\u2019s carbon credits leader<\/a><\/p><\/blockquote>\n<p><span style=\"font-family: georgia,serif;\">For western polluters, they are a silver bullet painkiller that allows them to keep pumping greenhouse gases into the atmosphere. But for Africa, they are a placebo drug that ends up making the pain of climate change far worse.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">Africa is indeed right to demand climate funding from the global north, who caused the climate crisis which is devastating African people, economies, and nature in the first place.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">But instead of signing up to a carbon market initiative that is full of booby traps, African leaders should use the opportunity to work together with others in the global south to interrogate where the real and essential money is for the critical role we play in protecting forests and nature, without which the Paris Agreement would fail? <\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">Where is the money for the actions to reduce emissions and adapt to climate change that we need and deserve?<\/span><\/p>\n<blockquote><p><a href=\"https:\/\/www.climatechangenews.com\/2023\/09\/06\/african-leaders-skirt-over-fossil-fuels-in-climate-summit-declaration\/\" target=\"_blank\" rel=\"noopener\"><strong>African leaders skirt<\/strong> over fossil fuels in climate summit declaration<\/a><\/p><\/blockquote>\n<p><span style=\"font-family: georgia,serif;\">A string of summits &#8211; the Amazon Summit last month, the Africa Climate Summit, the Three Basins Summit, and Cop28 &#8211; offer real opportunities for Southern leaders to drive forward financing options that aren\u2019t merely set up to cover for the big polluters.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">African leaders have three serious questions to ask about the African Carbon Market Initiative.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">The first: will this cut pollution, or enable it? For global corporations, purchasing credits is the cheapest way to avoid real cuts and continue business as usual. <\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">Take Delta Airlines:<a href=\"https:\/\/www.bloomberg.com\/graphics\/2022-carbon-offsets-renewable-energy\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"1\">\u00a0<\/a><a href=\"https:\/\/www.bloomberg.com\/graphics\/2022-carbon-offsets-renewable-energy\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"2\">they claimed to be carbon neutral, in part down to the purchase of tens of millions of carbon credits per year<\/a>. Meanwhile, they continue to operate<a href=\"https:\/\/news.delta.com\/corporate-stats-and-facts\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"3\">\u00a0<\/a><a href=\"https:\/\/news.delta.com\/corporate-stats-and-facts\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"4\">4,000 flights a day<\/a>.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">Calculations like this rely on the argument that a ton of carbon pumped out is equivalent to a ton of carbon avoided, or captured in forests or agricultural land. This is wrong.<\/span><\/p>\n<blockquote><p><a href=\"https:\/\/www.climatechangenews.com\/2023\/09\/04\/kenyas-wind-power-troubles\/\" target=\"_blank\" rel=\"noopener\"><strong>What climate funders<\/strong> must learn from Kenya\u2019s wind power troubles<\/a><\/p><\/blockquote>\n<p><span style=\"font-family: georgia,serif;\">Fossil fuel emissions are permanent, but storing carbon in nature is fragile: forests burn down, loggers move in, and the carbon is released again. That means a hotter world: and for Africa, more droughts, floods and devastating storms.\u00a0<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">The second question Africa\u2019s leaders must ask: when we follow the money, who wins? Two players benefit from carbon markets more than anyone else: fossil fuel companies, and the financial brokers who buy and sell credits with huge markups. <\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">Fossil fuel giants see their product legitimised, because polluters can continue to burn it by buying pollution permits.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">Carbon credit traders are in line for hefty profits too: one study found that\u00a0<a href=\"https:\/\/carbonmarketwatch.org\/wp-content\/uploads\/2023\/02\/CMW-briefing-on-intermediaries.pdf\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"5\">some brokers sell credits for three times the price<\/a>\u00a0they pay to the project that actually created them.<\/span><\/p>\n<blockquote><p><a href=\"https:\/\/www.climatechangenews.com\/2023\/09\/04\/southeast-asia-japan-energy-transition\/\" target=\"_blank\" rel=\"noopener\"><strong>Southeast Asia<\/strong> must not let Japan hijack its energy transition<\/a><\/p><\/blockquote>\n<p><span style=\"font-family: georgia,serif;\">Because they profit from every trade, they\u2019re incentivised to create, trade and speculate on as many carbon credits as possible &#8211; so a market claimed to be worth $100 could actually be due to a single $10 credit being traded ten times. African countries will be sorely disappointed when the actual flow of funds is well below the market value they\u2019re promised.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">The third question leaders need to answer: Will carbon markets promote development? What do African people gain from this? It won\u2019t be the money they deserve: financial brokers pocket plenty of the cash before it reaches projects in Africa. And promises of economic development by the African Carbon Markets Initiative rely on exaggerated claims for job creation and income.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">Indeed, since carbon markets were started more than two decades ago, initially with the Kyoto Protocol, there\u2019s a large body of evidence showing offsetting schemes mean insecurity and land grabs.<\/span><\/p>\n<blockquote><p><a href=\"https:\/\/www.climatechangenews.com\/2023\/08\/31\/gas-carbon-bomb-argentina-vaca-muerta-terminal\/\" target=\"_blank\" rel=\"noopener\"><strong>\u2018Carbon bomb\u2019<\/strong> in Argentina gets push from local government<\/a><\/p><\/blockquote>\n<p><span style=\"font-family: georgia,serif;\">Planting new forests requires land, and so does flooding valleys for new hydropower projects. <\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">In the Democratic Republic of the Congo, <a href=\"https:\/\/unearthed.greenpeace.org\/2022\/12\/12\/total-congo-offsetting-land-dispossessed\/\" target=\"_blank\" rel=\"noopener noreferrer\" data-auth=\"NotApplicable\" data-linkindex=\"7\">families were kicked off land they had owned and farmed for generations<\/a>\u00a0to make way for a carbon offsetting project for oil giant Total Energies. <\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">Similar stories ripple through countries, like Colombia, who\u2019ve had similar experiences. Which is why Indigenous communities from South America spoke out against carbon markets at Cop26.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">Instead, Africa needs to take control of the discussion about how to finance our response to the climate crisis. <\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">There is a lot at stake: adaptation costs in Africa as well as the costs for a clean energy transition and other measures to build zero-carbon societies will amount to hundreds of billions of dollars a year over the coming decades.<\/span><\/p>\n<blockquote><p><a href=\"https:\/\/www.climatechangenews.com\/2023\/08\/31\/loss-and-damage-fund-board-us\/\" target=\"_blank\" rel=\"noopener\"><strong>US denies<\/strong> rigging loss and damage fund\u2019s board in rich nations\u2019 favour<\/a><\/p><\/blockquote>\n<p><span style=\"font-family: georgia,serif;\">We can\u2019t afford to lock ourselves into the constraints of illusory and non-functioning carbon markets.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">Africa is blessed with world-leading talent, the planet\u2019s best sources of wind, sun, biodiversity and geothermal energy, and the ability to leapfrog other continents to the technologies of the future.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">We should consider a new &#8220;polluter pays&#8221; funding mechanism, where polluting businesses would pay towards reducing emissions and adapting to climate change, where Africa defines its own needs.<\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\"> The amount they pay would increase over time, to incentivise companies to stay within the limits of the Paris Agreement. <\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">The money would boost African capacity for clean, resilient and affordable development led by local communities. It would remove the market brokers and middlemen and maximise money to projects. <\/span><\/p>\n<p><span style=\"font-family: georgia,serif;\">We need a plan for debt cancellation, more domestic investment in renewables, an end to fossil fuel subsidies and investments, and a fair share of climate finance for Africa. <\/span><span style=\"font-family: georgia,serif;\">Africa can\u2019t afford another false solution to the climate crisis. \u00a0<\/span><\/p>\n<p><em>Mohammed Adow is the founding director of Power Shift Africa<\/em><em>, a Nairobi based climate change and energy think tank.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"Turning Africa into a source of carbon credits will benefit polluters and middlemen, not most Africans and not the 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