Africa has gained least from the international carbon market, whereby industrialised nations reduce greenhouse gas emissions by helping developing countries invest in clean technologies and infrastructure, a report released on Thursday said.
Most of the projects funded through the carbon finance mechanism of the Kyoto Protocol have been going to Asian economies in transition, particularly China and India, said Karan Capoor, World Bank Senior Carbon Finance Specialist and co-author of the report, 'State of the Carbon Market - A Focus on Africa'.
The report was compiled by the World Bank and the International Emissions Trading Association to coincide with the United Nations conference on climate change in Nairobi.
"Many African countries have thin energy and industrial sectors, with limited opportunities to reduce carbon emissions, certainly relative to countries such as China and India," said Capoor.
Under the Kyoto Protocol - an international treaty that sets legally binding targets for indutrialised countries to reduce carbon dioxide emissions and other greenhouse gases - developed economies have an opportunity to curb the production of environmentally harmful gases by helping developing countries and economies in transition to invest in climate-friendly technologies and infrastructure.
Capoor said African countries could greatly benefit from the carbon market if the rules of the Kyoto Protocol and other regimes would allow credits from forestry and agriculture sectors. "These are the most important sectors for African economies and poor people's livelihoods," said Capoor. According to the report, Africa's share in the world carbon market was only 5.1 percent.
"Areas that could bring major opportunities for Africa to participate in the carbon market are either not eligible under the Kyoto Protocol and other carbon reduction regimes, or are difficult to access," he added.
Africa could take advantage of the carbon trade through afforestation, for example. In Kenya, an NGO, the Greenbelt Movement, founded by the 2004 Nobel peace laureate Wangari Maathai, this week signed an agreement under Kyoto Protocol's Clean Development Mechanism to reforest 1,800 hectares of indigenous tree species in the Mount Kenya and Aberdares areas of central Kenya.
The Kenyan electricity generating company, KenGen, has also signed an agreement with the World Bank Community Development Carbon Fund, which will buy emission reductions at the Olkaria II geothermal project estimated as the equivalent of 900,000 tonnes of carbon dioxide up to 2014. KenGen is expanding the Olkaria project in the Kenyan Rift Valley to generate an additional 35 megawatts of electricity. The Olkaria geothermal project is expected to displace electricity produced by fossil-fuel powered plants in the electricity grid equivalent to 150,000 tonnes of carbon dioxide per year.
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Most of the projects funded through the carbon finance mechanism of the Kyoto Protocol have been going to Asian economies in transition, particularly China and India, said Karan Capoor, World Bank Senior Carbon Finance Specialist and co-author of the report, 'State of the Carbon Market - A Focus on Africa'.
The report was compiled by the World Bank and the International Emissions Trading Association to coincide with the United Nations conference on climate change in Nairobi.
"Many African countries have thin energy and industrial sectors, with limited opportunities to reduce carbon emissions, certainly relative to countries such as China and India," said Capoor.
Under the Kyoto Protocol - an international treaty that sets legally binding targets for indutrialised countries to reduce carbon dioxide emissions and other greenhouse gases - developed economies have an opportunity to curb the production of environmentally harmful gases by helping developing countries and economies in transition to invest in climate-friendly technologies and infrastructure.
Capoor said African countries could greatly benefit from the carbon market if the rules of the Kyoto Protocol and other regimes would allow credits from forestry and agriculture sectors. "These are the most important sectors for African economies and poor people's livelihoods," said Capoor. According to the report, Africa's share in the world carbon market was only 5.1 percent.
"Areas that could bring major opportunities for Africa to participate in the carbon market are either not eligible under the Kyoto Protocol and other carbon reduction regimes, or are difficult to access," he added.
Africa could take advantage of the carbon trade through afforestation, for example. In Kenya, an NGO, the Greenbelt Movement, founded by the 2004 Nobel peace laureate Wangari Maathai, this week signed an agreement under Kyoto Protocol's Clean Development Mechanism to reforest 1,800 hectares of indigenous tree species in the Mount Kenya and Aberdares areas of central Kenya.
The Kenyan electricity generating company, KenGen, has also signed an agreement with the World Bank Community Development Carbon Fund, which will buy emission reductions at the Olkaria II geothermal project estimated as the equivalent of 900,000 tonnes of carbon dioxide up to 2014. KenGen is expanding the Olkaria project in the Kenyan Rift Valley to generate an additional 35 megawatts of electricity. The Olkaria geothermal project is expected to displace electricity produced by fossil-fuel powered plants in the electricity grid equivalent to 150,000 tonnes of carbon dioxide per year.
jn/mw
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