ECOWAS Targets $294 Billion Climate Finance Gap, Moves to Unlock W’Africa’s Carbon Market Potential
Michael Olugbode in Abuja The Economic Community of West African States (ECOWAS) has stepped up efforts to establish a regional carbon market platform as the bloc seeks to bridge a
The Economic Community of West African States (ECOWAS) is striving to address a $294 billion climate-finance gap by developing a regional carbon market platform. This move was announced during a three-day workshop in Abuja, where representatives from ECOWAS Member States, regional and international organizations, technical and financial partners, and climate experts gathered to validate the framework's structure.
ECOWAS Commission Director for Environment and Natural Resources, Mr. Christophe Deguenon, and Nigeria's Minister of Environment, Balarabe Lawal, emphasized the importance of the initiative in light of West Africa's vulnerability to climate change, which could lead to significant temperature rises and internal displacement. The Commission's presentation highlights the need for increased financing, as temperatures in the region could rise by 1.5°C to 3°C by 2050, and nearly 32 million people could be displaced due to climate impacts.
The Commission aims to leverage the region's natural assets, such as agricultural land, forests, and mangrove ecosystems, to generate high-integrity carbon credits. However, West Africa remains underrepresented in international carbon markets due to regulatory weaknesses, limited technical capacity, inadequate tracking systems, and certification challenges.
The proposed regional carbon market platform will adhere to transparency, environmental integrity, inclusive governance, and the valuation of Member States' climate efforts. Nigeria's Minister of Environment, Balarabe Lawal, stated that the regional initiative is timely and strategic, as climate change poses serious threats to the economies, ecosystems, food security, and livelihoods of West Africans.
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