As the global community seeks innovative solutions to address climate change, Africa is emerging as a powerful force in the world’s carbon markets. This movement is more than a hopeful vision—it is unfolding in real-time, powered by the continent’s vast natural resources, a burgeoning green economy, and an unwavering commitment to sustainability. Nigeria, Ghana, and Rwanda stand at the forefront of this revolution, each paving a unique path toward a greener, resilient future.
Nigeria’s Bold Steps: A Vision for a Transparent, High-Integrity Carbon Market
In 2023, Nigeria sent a clear message: it was ready to lead. Backed by the Africa Carbon Markets Initiative (ACMI), Nigeria began laying the foundation for a vibrant, transparent carbon market capable of aligning with global standards and driving sustainable economic growth. In July, Nigeria’s Vice President Kashim Shettima formally requested ACMI’s support for the Nigeria Carbon Market Activation Policy (CMAP), setting the stage for this transformative journey.
A series of milestones quickly followed. By December 2023, Nigeria officially launched a CMAP at COP28 through a presidential announcement, capturing international attention and investor interest. Just a few months later, in March 2024, the Vice President launched the CMAP Intergovernmental Committee, an essential step toward bringing this policy to life through actionable projects and broad stakeholder collaboration.
As Nigeria’s framework continued to develop throughout the year, ACMI worked closely with the National Council on Climate Change (NCCC) and key partners, including Nigeria’s Sovereign Wealth Fund (NSIA), to align Nigeria’s carbon market policy with best global practices. The upcoming launch of Nigeria’s Manual of Procedure (MoP) at COP29 will mark a new chapter, preparing the country for a well-regulated carbon market that attracts investment and supports green growth. ACMI’s role will continue as Nigeria moves toward creating a Carbon Market Office, establishing registries, and enabling project developers— all vital components of a thriving market.
Ghana: A Financial Engine Driving Green Growth
While Nigeria paves the regulatory path, Ghana is building the financial backbone for a robust carbon market. With ACMI’s support, Ghana is developing a localized financing toolkit designed to empower local stakeholders and investors in high-impact areas like forestry, renewable energy, and waste management.
This toolkit is practical, hands-on, and ready to unlock transformative investment opportunities. Ghana’s financial sector has shown strong momentum, with 22 institutions already engaged. With ACMI’s assistance in training and capacity building, Ghana is poised to fuel its green transition, proving that strong financial systems can power a low-carbon economy and sustainable growth.
Rwanda: Empowering Clean Cooking and Local Communities
In Rwanda, ACMI’s collaboration with the Rwanda Environment Management Authority (REMA) is establishing the foundation for Project Enablement, focused on promoting clean cooking initiatives. Traditional cooking methods, still prevalent across Africa, have severe health and environmental impacts. ACMI’s Project Enablement Framework in Rwanda addresses this challenge by empowering local project developers with essential capacity building support, training government entities, and tailoring solutions to meet Rwanda’s unique needs.
Through these efforts, Rwanda is not only improving health outcomes with cleaner cooking technologies but also sparking local entrepreneurship and creating green jobs. Rwanda’s journey is a testament to how green growth can be both inclusive and transformative.
Three countries connected by one vision
The progress of Nigeria, Ghana, and Rwanda is part of a larger, pan-African vision for a sustainable, low carbon future. Africa’s journey in the carbon markets reflects a commitment to global climate action, built on strong partnerships and a determination to lead by example. By forging pathways that incorporate innovative financing, regulatory clarity, and empowered communities, Africa is setting a global standard for high-integrity, inclusive carbon markets.
This revolution is happening now, and it’s only the beginning. As these countries continue to refine and implement their carbon market strategies, the world is witnessing the rise of a new climate leaders in Africa. The green future we’re building today is one that will support prosperity for generations to come.
To follow Africa’s progress in carbon markets, stay tuned as ACMI continues to support Nigeria, Ghana, Rwanda, and other countries on their journey toward resilient, sustainable, and inclusive carbon economies. Together, we’re turning this vision into reality.
