Addis Ababa, February 20, 2023 (FBC) – The annual Africa Business Forum has kicked off in Addis Ababa under the theme “Making carbon markets work for Africa”.
African political leaders who participated in the 36th AU Summit, representatives of African Union Commission, private sector companies, civil society representatives and policy makers are in attendance of the Forum.
Deputy Prime Minister and Foreign Minister of the Federal Democratic Republic of Ethiopia, Demeke Mekonnen is also participating in the Forum.
Addressing the Forum, ECA Executive Secretary Antonio Pedro said that by adopting a Green Stimulus Programme and a Green Recovery Action plan and by embracing the opportunities of African Continental Free Trade Area (AfCFTA) to realize a sustainable carbon market in the continent.
“African Heads of State have said clearly that we want to own the instruments of our green transformation, not simply a green transition,” he said.
“Africa will need around 438 billion USD in Adaptation Financing by 2030. Carbon Markets could unleash an estimated 82 billion USD per year in value, at 120 USD per ton of CO2 sequestered, as well as create 167 million additional jobs” he added.
The forum is expected build on the positive momentum generated at the twenty-seventh session of the Conference of Parties to the United Nations Framework Convention on Climate Change, held in Sharm El-Sheikh, Egypt in November 2022.