African nations are looking to cash in on the proposed Carbon offsets in the recently concluded COP28 Summit. This is regardless of the ongoing heated debate regarding land rights and the displacement of citizens from their ancestral regions.
The COP28 Summit proposed multiple deals and aims to raise $6 billion by 2030 for different carbon trading deals. Different nations like Malawi, Tanzania, Nigeria, South Africa, and Kenya aim for this prize to transform the lives of many citizens. With high hopes for the Africa Carbon Markets Initiative (ACMI), leaders like Kenya’s President William Ruto label Carbon marketing as the next big export.
Nonetheless, more scrutiny and questions are arising. Critics and different experts see it as a greenwashing form, only benefitting a few individuals in power. Instead, they advise polluters to be held accountable for destroying the environment.
Among the concerns is the involvement of local communities, considering how the carbon offsets alter their lives. For instance, there are reports by Survival International on how the Carbon initiative is altering the sustainability of Northern Kenya residents (Marsabit).
The non-profit entity state found that the Rangelands Carbon Project is altering indigenous livestock grazing practices. The worst-case scenario involves endangering people’s food security.
So, what’s next for the affected or involved countries and management groups? Experts are proposing better development financing plans and transparency. The solutions should be implemented for new carbon projects, especially with the recent involvement of major investors like Blue Carbon from Dubai.
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