By Patricia Kapulula in Sharm El-Sheikh, Egypt:
Malawi has partnered with African Carbon Markets Initiative (ACMI) to scale up carbon credit production across the continent.
A carbon credit is a permit which allows a country or organisation to produce a certain amount of carbon emissions which can be traded if the full allowance is not used.
Speaking Tuesday during the launch of the ACMI on the sidelines of the 27th Conference of the Parties (CoP27) underway in Sharma El-Sheik, Egypt, President Lazarus Chakwera expressed excitement over the collaboration.
Chakwera said Malawi targets to scale up its domestic generation of carbon credits up to five million carbon credits, which is more than eight times the current production, which would help the country mobilise up to $100 million (K102 billion) and support more than 250,000 jobs.
He said since 2015, there have been various projects in agriculture and energy in pursuit of building the ecosystem and that as a result, last year alone, a total of 600,000 tonnes of carbon credits were produced.
Chakwera further said Malawi is eager to work with ACMI and take full advantage of the opportunities for partnerships emerging from the initiative.
“Malawi’s potential is huge and we have only scratched the surface, with opportunities ready to be unlocked in clean cookstoves and waste management solutions. We want to expand the projects and we will expand these projects,” Chakwera said.
ACMI aims to support the growth of carbon credit production and create jobs in Africa.
Multiple African nations including Kenya, Malawi, Gabon, Nigeria and Togo joined the ACMI launch event to announce their commitment to scaling voluntary carbon markets.
Major carbon credit buyers and financiers, such as Exchange Trading Group, Nando’s and Standard Chartered announced plans to set up an advance market commitment of hundreds of millions of dollars for high-integrity African carbon credits.