Advancing East Africa's cohesive carbon projects

The Eastern African Carbon Markets Alliance is playing a crucial role in advancing cohesive carbon projects in the region. With a focus on developing credible carbon projects, achieving target price points, and ensuring alignment between domestic frameworks and international agreements, the Alliance is at the forefront of promoting sustainable initiatives and economic growth in East Africa. The Alliance, consisting of seven member states including Burundi, Tanzania, Uganda, Kenya, and Rwanda, is dedicated to fostering a common vision of carbon markets and climate finance. Through knowledge sharing, capacity building, and various projects, the Alliance aims to capacitate the region to make significant strides in the carbon market and climate finance sectors. One of the key points raised in a recent interview with Tirhas Mebrahtu, the Director for Resource Mobilization, Project Monitoring, and Evaluation at the Eastern African Carbon Markets Alliance, was the significant number of voluntary carbon projects currently operating in East Africa. Mebrahtu highlighted that there are around 300 voluntary carbon markets in the region, with projects aimed at promoting high-quality carbon credits that contribute to achieving the countries' Nationally Determined Contributions (NDC) targets. Mebrahtu also emphasized the importance of supporting countries to establish clear guidelines to enhance private sector engagement in carbon trading. Private sectors are keen on having clear regulations and frameworks, especially in terms of benefits sharing, to drive their involvement in carbon markets. In response to a question about the average price of carbon credits in East Africa, Mebrahtu noted that the price varies from project to project. Project developers negotiate directly with buyers to determine the price, with some projects securing higher prices due to their quality, while others may fetch lower prices based on different factors. As the global focus on sustainable development and combatting climate change intensifies, the role of organizations like the Eastern African Carbon Markets Alliance becomes increasingly crucial in driving forward environmental initiatives while also contributing to economic growth in the region. By creating a platform for collaboration, knowledge exchange, and capacity building, the Alliance is paving the way for a more sustainable future in East Africa.