Chronicle Editor
Leonard Ncube, [email protected]
AN inaugural high-level climate finance summit towards regional sustainability actions is on the cards as the region seeks to foster inclusivity towards unlocking and harnessing Africa’s Carbon Markets’ potential for financing sustainable transition.
The first Southern Africa Carbon Markets Summit 2024 has been set for Gaborone International Conference Centre, in neighbouring Botswana from July 8 to 11 this year.
Zimbabwe will be represented by various stakeholders in Government and the private sector.
The Africa Voluntary Carbon Credits Market Forum is the official organizer with Aither as the host partner and the University of Botswana as the co-host.
The summit comes after the realization that the negative impact of climate change is drastically affecting Southern African countries that are grappling with vast challenges of transition.
It is a way of trying to bring the private sector to the table to partner Governments to meet their environmental and sustainable targets and open opportunities for unlocking climate financing through strategic regional partnerships for Sustainability and Regional Emissions Offsetting Framework and implementing the Paris Agreement.
The summit will bring together Governments, decision-makers from government, the private sector, financial institutions, industry, mining, and civic society to make commitments towards regional sustainability actions at a time when Sub-Saharan Africa is affected by the El Nino and climate change-driven drought.
Executive director of Africa Voluntary Carbon Credits Forum, Mr. Anglistone Sibanda, said preparations are underway.
“Africa Voluntary Carbon Credits Markets Forum AVCCMF, a Pan African climate action outfit that is driving the agenda for the acceleration of Africa into climate action will be hosting a high-level Summit in partnership with the Government of Botswana and the University of Botswana, backed by the Swiss-Based Aither Group who are coordinating international players in Europe.
“This high-level summit will bring together key players in the Carbon Markets and Climate Action space, together with countries and international multinational corporations that need to offset their emissions under the Paris Agreement,” he said.
Several Heads of State and Ministers from the SADC region are expected to attend to discuss modalities and ideal frameworks for carbon markets to facilitate the movement of climate finance into the region under the two options provided for by the Paris Agreement.
These are the Internationally Transferable Mitigation Outcomes (ITMOs) under Article 6.2 and the Voluntary Markets under Article 6.4.
It is expected that the event will unlock potentially billions of dollars into the Southern African States to help the region fund its adaptation and mitigation projects to mitigate the devastating effects of climate change while building resilience and facilitating just and sustainable transition.
This will also compel developed countries and companies to offset their emissions and attain their Net Zero targets.
The total sum of these deals will be the reduction of global warming, keeping ground temperature rise below 1.5 degrees Celsius, and averting global calamities as advocated through climate action.
Online Reporter