Zubairu: Africa should take ownership of its carbon market value chains

As the COP28 climate summit unfolds, the spotlight is on African nations as they grapple with the pressing issue of climate change. In a recent interview with CNBC Africa, Samaila Zubairu, CEO of Africa Finance Corporation, emphasized the need for African countries to take charge of their carbon market value chains. Zubairu underscored the importance of restructuring the current approach to carbon markets in order to effectively mitigate climate change and ensure sustainable development. He highlighted the disparities in carbon pricing between Africa and other regions, pointing out the undervaluation of Africa's natural resources and the need for a more equitable distribution of benefits. The key theme of Zubairu's message is the imperative for African nations to assert ownership of their carbon market value chains, establish a credible and inclusive framework, and collaborate with global partners to drive meaningful change. Let's delve deeper into the key points raised during the interview. First and foremost, Zubairu stressed the critical role of carbon markets in mobilizing capital for conservation and reforestation efforts, as well as facilitating the transition to cleaner energy sources. He emphasized that the current structure of carbon markets is inadequate and called for a paradigm shift towards community-focused conservation strategies. Zubairu advocated for a proactive approach that prioritizes the preservation and growth of Africa's natural carbon repositories, such as forests, peatlands, and mangroves, to effectively reduce carbon emissions. He criticized the prevailing emphasis on planting new trees over protecting existing forests, which he argued undermines the core objective of carbon sequestration. Zubairu's second key point revolved around the need to address the pricing disparity in carbon markets to ensure Africa receives fair compensation for its environmental services. He highlighted the vast potential of Africa's forests in absorbing carbon dioxide and underscored the need to value these resources appropriately. Zubairu called for a comprehensive value chain that encompasses project development, financing, verification, and capacity building to empower African nations in the carbon market space. He emphasized the importance of establishing high-integrity projects, enhancing financial capabilities, and advocating for market transparency to secure equitable returns for Africa. In addition, Zubairu emphasized the pivotal role of governments in driving policy and regulatory reforms to support Africa's participation in the carbon market. He stressed the need for a collaborative approach involving African Union, Congo Basin, and environmental ministries across the continent to spearhead systemic change. Zubairu's recommendations centered on fostering dialogue, raising awareness, and catalyzing coordinated action to reshape Africa's position in the global carbon market landscape. The interview concluded with Zubairu expressing optimism about the reception of his message among stakeholders at COP, citing a growing recognition of the need for innovative solutions led by Africans. While acknowledging the challenges ahead, Zubairu remained committed to empowering Africa to take the helm in shaping the future of carbon markets. In essence, Zubairu's call to action resonates with a vision of sustainable development driven by local ownership, equitable partnerships, and transformative policy frameworks. The journey towards redefining Africa's carbon market value chains is poised to be a collaborative endeavor aimed at unlocking the continent's full potential and advancing environmental stewardship on a global scale.