Let’s build capacity to unlock carbon market potential - Speakers at COP29

Speakers at a side event organised by the Jospong Group of Companies (JGC) at the ongoing  Conference of Parties (COP29) in Azerbaijan have called for more sensitisation and capacity-building on the potential of carbon market.

 They also stressed the need for public- private partnerships to attract finances for the green space.

The speakers included the Chief Investment and Innovations Officer of the JGC, Noah Gyimah; the European Climate Pact Ambassador to Egypt, Mostafa Sherbiny, and the Director, Development Partnership Department of the Ministry of Economic Planning and Budget, Nigeria, Onimole Mobolaji Adebowale.

In a panel discussion at Ghana’s pavilion at COP29 in Azerbaijan yesterday, they said carbon markets were the emerging frontiers for emission reduction and attraction of green funds.

The event, which was organised in collaboration with the Jospong Green Transition Office, was on the theme: "New world of carbon market, the potential of existing infrastructure and impact of investments in the green economy."

Partnership

Dr Gyimah said leveraging the potential of carbon markets called for public private partnership and stronger collaborations across borders.

He said through partnerships between the private and the public sectors, capacity could be built to generate carbon credits.

Dr Gyimah also said for countries and businesses to tap into carbon markets, they must ensure that the projects they developed were defined within the context of green financing.

Mr Adebowale, on the other hand, said for African countries to unlock the potential of the carbon market, the people, including the media, must be sensitised to understand the concept and embrace it. 

"We must also deepen collaboration at the country, regional and global levels, and look out for partners whose intervention areas aligned with ours," he said. 

Benefits

Mr Sherbiny urged Ghana and other African countries to design projects that would facilitate decarbonisation and emissions reduction.

He said the benefits from carbon credits could be used to finance other projects in the environment space and contribute to sustainable development.

"The benefits of carbon markets are twofold. It will help in climate financing and the mitigation of greenhouse gas (GHG) emissions," Mr Sherbiny said.

He also added that when carbon markets were leveraged, it would help to halt environmental degradation and deforestation.