Even though Africa has a small share of responsabilty in climate change as it only accounts for 7% of global emissions, it is one of the main victims of its consequences. The entire continent is now mobilizing to contribute to the fight against global warming and even more to adapting to these changes that threaten its socio-economic development.
The negotiations that are being held in Bonn are an opportunity for Ecosur Africa to launch the “CDM – Africa” initiative.
This is an appeal to the developed countries by 40 government representatives, businesses and the civil society, to prevent a collapse of the carbon price. Asking for a 2-billion euro investment, the carbon finance operators hope to breathe new life into the Clean Development Mechanism (CDM) and thus contribute actively to supporting innovative projects, promoting solidarity and a low-carbon development in Africa.
The letter propose 4 strong and immediate measures to better value carbon credits in Africa:
• An automatic and centralized one-stop shop for the purchase of African carbon credits
• A guaranteed floor price of 5 € / tCO2 for a target of 500 million tCO2 avoided in Africa
• A pre-financing of procedural costs for 500 African projects
• An effective multilingualism for ensuring fair market access
At €0.20, the price of CER’s (Certified Emission Reductions) is a major obstacle to the development of new offset projects. The funding for the countries most vulnerable to climate change is at stake, which is a crucial issue for the upcoming COP21.
Within 10 years, CDM projects have helped avoid 1.5 billion tCO2e but Africa has attracted only 3% of these projects. However, in many cases, carbon finance has proven to be an accelerator for socio-economic development of the host country. It is therefore essential for the future international framework to reinforce and ensure its use for and by African countries.