Africa’s Carbon Market Opportunity
The Paris Agreement leaves plenty of room for countries to take unilateral measures to reach their NDCs – their self-binding climate targets – but it also acknowledges the need for finance to flow to where it is needed to drive emissions lower. Many developed countries have established their own market mechanisms to help achieve their NDCs, but both the Paris Agreement and its predecessor, the Kyoto Protocol, recognised that emissions reduction in emerging and developing nations will require outside investment. And because the Paris Agreement has created a context for every country to set its own binding target, this investment is even more critical, and sets the scene for the development of mechanisms in many more countries.
