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illuminem summarises for you the essential news of the day. Read the full piece on Yale Environment 360 or enjoy below:
🗞️ Driving the news: Akinwumi Adesina, President of the African Development Bank, has issued a strong warning about “carbon grabs” by foreign firms buying African carbon credits at undervalued rates
• In recent remarks, Adesina highlighted the dramatic disparity in global carbon prices, noting that African credits can be sold for as little as $3 per ton—compared to over $200 per ton in Europe
• He argues that this undercuts Africa’s economic potential and undermines national sovereignty
🔭 The context: Carbon credit markets allow companies to offset emissions by financing environmental projects, including forest preservation
• However, African nations have historically struggled to benefit fairly from this mechanism due to limited market access, valuation tools, and negotiating leverage
• The continent holds some of the world’s largest carbon sinks, yet it captures only a fraction of global carbon finance flows
🌍 Why it matters for the planet: Africa’s forests are critical to global climate goals, but undervaluing carbon credits disincentivizes conservation and reinforces extractive economic dynamics
• Without proper safeguards, low-cost carbon deals risk exploiting local communities and ecosystems under the guise of climate finance
• Ensuring fair valuation could not only boost climate resilience but also provide much-needed development capital to African countries
⏭️ What's next: The African Development Bank is advocating for reforms in global carbon markets to ensure fair pricing and stronger regulatory frameworks for nature-based solutions
• Attention is likely to intensify ahead of COP29 later this year, where global south leaders are expected to push for climate finance equity
• Broader recognition of Africa’s environmental assets may also influence multilateral funding strategies and green investment flows
💬 One quote: “We used to have land grabs. Now we are having carbon grabs.” – Akinwumi Adesina, President, African Development Bank
📈 One stat: In 2022, African lands delivered $66 billion worth of carbon removal, yet generated only a fraction of that value in financial returns
See here detailed sustainability performance of companies like South Pole, and Shell
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