The Minister of Finance and Chair of the V20 Group, Ken Ofori-Atta, has presented a comprehensive roadmap aimed at accelerating Africa's Sustainable Development through climate action.
The visionary plan outlines strategies to harness the continent's immense potential for nature-based solutions and foster resilience in the face of climate change.
Presenting the plan at the V20 Group Africa Climate Summit in Nairobi, Kenya on behalf of Mr Ofori-Atta, Dr Amin Adam, Minister of State at the Finance Ministry, emphasized the need for concerted efforts to unlock Africa's carbon credit supply, which currently stands at a mere two per cent of its potential.
He called for a remarkable increase to 40 per cent by 2030, setting the stage for trading 300 million metric tonnes per year and eventually exceeding two Gigatons per year.
The Minister's roadmap for sustainable development encompasses a multifaceted approach, addressing policy reforms, capacity building, innovative financing, and global collaboration. Ofori-Atta underscored that this comprehensive strategy is not only critical for Africa's future but also for the entire world's battle against climate change.
Mr Ofori-Atta highlighted the significance of progressive policies and regulations that would incentivise sustainable land management, reforestation, and afforestation. These measures, he said, would create an enabling environment for carbon credit projects.
Recognising knowledge as a catalyst for change, the Minister stressed the importance of investing in training programmes to empower local communities and stakeholders. Raising awareness about the benefits of these projects would ensure their acceptance and success.
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The roadmap includes leveraging advanced technologies such as remote sensing and blockchain to monitor and verify carbon credit projects efficiently. This not only reduces costs but also enhances transparency, making projects more accessible to investors.
Mr Ofori-Atta further emphasized collaboration with the private sector and NGOs, through tax incentives and financial benefits that would attract private sector investments. Such partnerships, he stated, would be instrumental in driving the vision forward.
To fund these initiatives, the Minister discussed the establishment of dedicated green bonds and financial instruments tailored to support nature-based solutions.
Carbon credit investment funds would, therefore, mobilise domestic and international capital to fund climate positive initiatives.
The Minister called for stronger partnerships with international organisations and donor agencies, to enable Africa to access vital climate financing and technical expertise.
