UN Climate Change High Level Champion for Egypt Mahmoud Mohieldin said.
Led by a 14-member steering committee of African leaders, CEOs, and carbon credit experts, the ACMI was inaugurated in cooperation with the Global Energy Alliance for People and Planet (GEAPP), Sustainable Energy for All (SEforALL), and the UN Economic Commission for Africa, backed by UN climate change high level champions Mahmoud Mohieldin and Nigel Topping.
Various African countries, including Kenya, Malawi, and Nigeria, have shared their commitment to cooperating with the initiative to increase carbon credit production.
Participating in the launch, Mohieldin, Egypt's UN climate champion, said the ACMI is the result of regional collaboration and helps in providing finance for climate action in different African countries.
Mohieldin explained that the initiative is in line with the five priorities of COP27. African countries are keen to implement the initiative by establishing carbon markets that help in executing all aspects of climate action.
This includes adaptation and mitigation measures, which reflect the adoption of a holistic approach towards climate action, he added.
He added that the initiative helps in localising climate action since its results reflect positively on farmers and the local habitats of Africa.
The establishment of carbon markets will have a positive impact on African economies and will help finance climate action, he asserted.
Mohieldin referred to the 31 percent growth of carbon markets in the world since 2016 while demand on carbon credits grew by almost 50 percent.
He stressed the importance of carbon markets for Africa because they enhance the ability of the continent to finance climate action.
Mohieldin highlighted the need for the fair distribution of the revenues of carbon markets, stressing the importance of capitalising on Africa's economic dynamics to generate the maximum benefit from carbon markets.
During the launching event of the initiative, African leaders and ministers confirmed the necessity of establishing and developing carbon markets that are suitable for Africa’s economies and of considering the continent’s need for sources to finance climate action and green transition.
The participants also urged stakeholders, including the private sector, to participate in establishing and developing African carbon markets and to provide sustainable mechanisms to finance climate action in the continent.
The launch was attended by Kenyan President William Ruto, Malawi President Lazarus McCarthy Chakwera, and Gabon Environment Minister Lee White along with a number of African ministers, representatives of international and regional organisations, and high level champions.