At the African Carbon Forum earlier this month, Ecosystem Marketplace presented its findings from the State of the Voluntary Carbon Markets report in Cí´te d’Ivoire. While African nations have historically focused on CDM projects, interest in voluntary carbon projects has grown, showcased by a record $66M in offsets occurring in 2012 alone.
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23 July 2013 | Ecosystem Marketplace writers recently returned from the Africa Carbon Forum in Abidjan, Cí´te d’Ivoire where we presented Africa-relevant findings from the
Here, we find that growing interest from voluntary buyers in supporting charismatic offset projects in the region raised the value of transacted offsets in Africa to a new high of $66M in 2012, as the average price for the region’s record activity (8 MtCO2e of transacted offsets) rose 6% to $8.30/tCO2e.
That said, the United Nations’ Clean Development Mechanism (CDM) market still dwarfs the voluntary carbon market, by transacted volume. Some project developers we surveyed in the clean cookstoves market continued to gravitate toward the CDM instead of (or in addition to) going straight to a voluntary market-only standard, hoping to keep a foot in both marketplaces in case compliance market CER prices recover, and attracted by larger-volume demand at any price.
Acknowledging that Africa’s carbon strategy can tap into but not rely on the voluntary markets alone, a new
As always, opportunity comes with a grain of salt. Many LDCs will have access to the European market, but the current CER spot “is not a great price that you get for your natural resources,” cautions Andrei Marcu, Senior Advisor at the Center for European Policy Studies and Advisor to Poland. He says African countries will need to ensure that they have access to more markets, including those not necessarily inside the Kyoto Protocol.
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