Carbon markets: A consideration for Africa

Carbon markets are an essential mechanism for the successful implementation of the international climate change regime. The design of the flexible mechanisms under the Kyoto protocol is the principle driver of the development of such markets, especially in developing countries. However, developing countries, particularly those in Sub-Saharan Africa (SSA), remain marginalized in global carbon markets despite significant mitigation opportunities in agriculture and forestry. Moreover, Africa has significant potential for renewable energy, a key driver of the carbon emissions reduction. Despite all this, Africa's share of the carbon markets remains relatively low. It is puzzling therefore that the proponents of carbon trading continue to tout the benefits it offers to the poor in Africa, in the face of mounting evidence to the contrary.