- Chief Executive Officer of Netzence lamented that Africa was also experiencing a market with limited infrastructure.
- Industry expert Jane Smith agreed that credibility was key to unlocking Africa’s carbon market potential.
Chief Executive Officer of Netzence Sustainability Limited (Netzence), Dr Sadiq Sani, lamented that Africa was also experiencing a market with limited infrastructure and expertise. Sani revealed that Africa must enhance its carbon credits to unlock the carbon market’s full potential.
Speaking in Lagos during the testing of their technology, Dr Sani said there was a need to strengthen regulatory frameworks and improve project design and implementation.
He noted, “The carbon market is a critical tool in the fight against climate change, but it is only as good as the credits it produces. In Africa, we are facing a crisis of the credibility of carbon credits. Our carbon credits are often seen as lower quality, affecting their value. We must address this issue head-on to unlock the carbon market’s full potential.
“We are dealing with concerns about functionality and sensitivity. We are also facing a market with limited infrastructure and expertise. These challenges result in lower prices for African carbon credits, making it harder for projects to generate revenue and achieve impactful sustainability.” He said.
He added, “The lack of credibility in Africa’s carbon trading has far-reaching consequences, affecting various sectors of the economy. For example, credible carbon credits are essential in the energy sector for optimising energy production, transmission, and consumption while reducing emissions.”
He noted, “We need to strengthen regulatory frameworks, improve project design and implementation, enhance transparency and reporting, build capacity and training, and promote seamless verification,” Dr Sani emphasised. “By taking these steps, we can enhance trust in the African carbon market and unlock its full potential.
Industry expert Jane Smith agreed that credibility was key to unlocking Africa’s carbon market potential. “Credibility is the backbone of any carbon market. Without it, we risk undermining the very purpose of the market – to reduce emissions and combat climate change”, she said.