COP29: group terms carbon market dubious for Africa

Environment lobby group Greenpeace Africa has opposed the push for unreliable market-based mechanisms as a solution to the climate crisis.

The organization warns that carbon markets which involves compliance markets and voluntary markets undermine real climate action to address the growing crisis facing African communities.

Speaking on the sidelines of COP29 discussions currently underway in Baku, Azerbaijan, Greenpeace Africa Pan-African Political Strategist Fred Njehu said carbon markets are perpetuating a dangerous form of carbon colonialism in Africa.

“We’ve witnessed widespread resource exploitation and land grabs across the continent, where local communities and indigenous people are displaced by offset projects that primarily benefit corporations from the Global North. This system allows wealthy nations to continue polluting while outsourcing their climate responsibilities to Africa, effectively turning our lands into carbon dumps while failing to address the root causes of the climate crisis,” he said.

According to the United Nations Environment Programme (UNEP) carbon markets are carbon pricing mechanisms enabling governments and non-state actors to trade greenhouse gas emission credits.

“Instead of these flawed market mechanisms, we propose making polluters pay for the damage they have caused, through the Climate Damages Tax. We also propose that the New Quantified Goal on Climate Finance includes issues of adaptation, loss and damage that are a priority to the African continent,” said Murtala Touray, Program Director at Greenpeace Africa.

“Investing in renewable energy, enhancing climate adaptation and resilience, and supporting community-led conservation efforts are more effective and equitable solutions. These approaches not only reduce GHG emissions at the source but also empower local communities to lead in the fight against climate change,” he added.

According to the London Stock Exchange Group, the global carbon market trade was valued at $949 billion by the end of 2023.

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