The rules are not completely written yet, but the race has already begun. And Africa is not the last to take its share of the market for polluting rights provided for by the Paris agreement to give States an additional instrument to achieve their greenhouse gas emissions reduction targets.
Although at the end of nine years of gestation, the adoption of the final details of this future market is expected during the 29thmy At the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP29), which meets until November 22 in Baku (Azerbaijan), a dozen African countries have already signed contracts with industrialized countries.
Leading the way, Ghana has signed bilateral agreements with five countries: Switzerland, Sweden, Singapore, South Korea and Liechtenstein. Its approach with the Swiss Confederation is the most advanced since several emissions reduction programs have already been implemented and will lead to the transfer of several million tons of CO equivalent.2 for the benefit of Switzerland.
“a potential reservoir at a lower cost”
This implies, for example, the spread of improved stoves in rural areas or rice cultivation practices that generate less methane. Switzerland has set the goal of reducing its greenhouse gas emissions by 50% by 2030. To achieve this, it plans to relocate 10% of the effort to be made to developing countries by financing emissions reductions at a lower cost. What if I achieved them? at home.
This choice aims to relieve the transport sector, so it is no coincidence that the Swiss government has delegated this mission to the KliK foundation. It manages the compensation of Swiss fuel importers and selects eligible projects worldwide.
For its part, Ghana benefits, through the sale of these carbon credits, from a source of income to finance development. ” own “ and achieve your energy trajectory. The voluntary commitments made in this regard by developing countries as part of their nationally determined contribution to the Paris Agreement include various levels of ambition depending on the volume of international capital mobilized.
In the case of Kenya, the 32% reduction of its CO emissions2 Until 2030, compared to the current trajectory, almost 90% is conditioned on international financing, which corresponds to an investment of 53,000 million dollars (49,900 million euros). The sale of carbon credits should go part of the way.
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