The Economic Community of West African States (ECOWAS) has commenced efforts to establish a regional carbon market platform aimed at unlocking climate finance for member states. The initiative is expected to strengthen the region’s participation in the global carbon market and support efforts to address the effects of climate change.
The move was discussed during a high-level three-day workshop in Abuja, where stakeholders considered the technical, legal and governance frameworks required to establish the platform. The initiative is expected to provide a coordinated approach to carbon trading across West Africa and improve access to international climate finance.
Christophe Deguénon, Director of Environment and Natural Resources at the ECOWAS Commission, who represented the Commissioner for Economic Affairs and Agriculture, Dr Kalilou Sylla, said the region faced significant climate-related challenges requiring increased financial resources.
He said West Africa remained highly vulnerable to rising temperatures, extreme weather events, desertification and coastal erosion. According to the report, ECOWAS member states require about $294 billion to finance climate-related needs under their Nationally Determined Contributions.
The proposed carbon market platform is expected to help mobilise additional resources by creating opportunities for countries to benefit financially from verified emissions-reduction projects. The regional body said the initiative would also support the implementation of Article 6 of the Paris Agreement, which allows countries to cooperate in achieving emissions-reduction targets.
Stakeholders at the workshop are expected to develop an implementation roadmap for the platform, with the aim of strengthening West Africa’s access to climate finance and promoting sustainable economic development.
