Igugu Global- Circling the Carbon Conversation
June 2023: Circling the Carbon Conversation
In policy, market size, technology and social accountability the carbon market has seen unprecedented acceleration and disruption since our September 2022 newsletter Capacity, Community and Carbon Equity.
As the value of carbon credits rises, so too does the value of the land where carbon credits are generated and more people want to ensure the credits they buy reward those doing the work.
Investigations have breeched social trust and elevated scrutiny of carbon projects- accelerating the carbon technology sector.
We return this month to map Africa’s carbon tax and Emissions Trading Schemes (ETS’s), carbon market players.
Governments are increasingly recognizing the opportunity for carbon taxes or Emissions trading systems to support fiscal reform by raising revenue through a mechanism that provides incentives for change.This is especially relevant now as many countries face high levels of sovereign debt.
Senegal: seals $2.7 billion Just Energy Transition Partnership (JETP) with IPG
Senegal and the international partners group (IPG) comprising France, Germany, the European Union, the United Kingdom and Canada are launching a Just Energy Transition Partnership (JETP). Read
Ghana: Prime Meridian Docks AssetCo secures $23.04 million for floating dock ship repair facility
The loan from the African Development Bank will support the company to design, build, operate and maintain a world-class ship repair and maintenance facility in the Gulf of Guinea under a 25-year concession granted to the company by the Ghana Ports and Harbours Authority. Read
Kenya: Saudi companies buy 2.2 million tonnes of carbon credits in Nairobi auction
Some 16 Saudi firms, including Aramco and Saudi Electricity Company, paid 23.50 Saudi riyals ($6.27) per metric tonne of carbon credits at the auction organised by Regional Voluntary Carbon Market Company (RVCMC) Read
Tanzania: GreenCop Development PTE signs MOU on forest carbon development
The Tanzania Wildlife Management Authority (TAWA) and GreenCop Development PTE, Ltd., have signed a Memorandum of Understanding (MOU) to develop carbon offset projects focused on the conservation of 2.4 million hectares of forest in the souther part of the country. Read
Malawi establishes agency to oversee trade, marketing of carbon credits
The country signed a memorandum of understanding at the event with a Kenya-based company, Koko Networks, which sells carbon credits as part of its business of selling clean-burning bio-ethanol cook-stoves. Read
Global initiative launched to rate corporate carbon offset claims
The Claims Code of Practice launched by the Voluntary Carbon Markets Integrity Initiative (VCMI), backed by the British government, seeks to help investors establish whether claims made by companies using carbon offsets are credible. Read
EU Carbon Border Adjustment Mechanism anticipated to draw backlash from carbon intensive nations
CBAM involves applying a carbon price to imports of certain goods to the EU. This price is proportionate to the goods’ “embodied emissions”, referring to the emissions generated during their production
The carbon border regulation covers certain products in some of the most carbon-intensive sectors, including: Iron, Steel, Cement, Fertilizers, Aluminum, Electricity and Hydrogen
The first ISSB standards are here- what that means for investors
The International Sustainability Standards Board (ISSB), launched at COP26 in Glasgow, has published its first two finalized standards: S1 General Requirements for Disclosure of Sustainability-related Financial Information; and S2 Climate-related Disclosures. Read
Johannesburg Stock Exchange Launch of ISSB, 29 June 2023:
Research: Shipping could halve its emissions without damaging trade
The International Maritime Organization, the UN division that governs global shipping, will meet in London today for a fortnight of talks on decarbonising and the potential for a new levy of up to $100 (£78) a tonne of carbon produced by ships.. Read
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