#RediCAP2024: Regional Workshop on Carbon Pricing and Carbon Market
From October 29 to November 1, 2024, Praia, Cape Verde, hosts a regional workshop on carbon pricing and the carbon market, organized by the West African Alliance on Carbon Markets and Climate Finance, in collaboration with UNFCCC/RCC and the government of Cape Verde. This event is part of a series of workshops aimed at enhancing understanding and application of carbon pricing mechanisms in the region.
In the context of increasing climate change, carbon pricing mechanisms, along with Article 6 of the Paris Agreement, have gained importance. These tools are essential for achieving Nationally Determined Contributions (NDCs) of countries. Governments and the private sector are increasingly recognizing the economic benefits of these mechanisms, which include revenue generation and encouragement of innovation in low-emission technologies.
Ousmane Fall SARR, coordinator of the West African Alliance, emphasized the importance of this workshop in his opening speech. He expressed gratitude to Cape Verde for the warm welcome and thanked the partners supporting the alliance. According to him, this workshop represents an opportunity for capacity building and sharing best practices in the face of the global climate threat. Mr. SARR also noted that the financial needs of the NDCs are still unmet, highlighting the urgency for enhanced actions and increased climate financing for developing countries.
In this context, Patricia Portela De Souza, UN Resident Coordinator for Cape Verde, highlighted the opportunities provided by carbon financing instruments. She discussed the potential for attracting foreign investment through the generation and sale of carbon credits, making the discussion of this workshop even more relevant. The mechanisms outlined in Article 6 open new avenues for Cape Verde to engage in carbon markets and explore tools such as carbon pricing, including carbon taxes and emissions trading systems. These instruments can unlock additional revenue flows that can be reinvested in critical climate projects, ranging from renewable energy to ecosystem restoration.
Support from UN agencies has also played a key role in helping Cape Verde navigate these mechanisms. Through technical assistance, capacity building, and partnership facilitation, the country can better integrate carbon financing into its national development strategies. The UN Cooperation Framework for 2023-2027 aims to protect and restore ecosystems while enhancing resilience to climate impacts.
The West African Alliance on Carbon Markets and Climate Finance is implementing several initiatives to achieve these goals, including the establishment of national hubs on carbon markets to facilitate interactions among key stakeholders, as well as a “YOUNG PROFESSIONALS” program to engage youth in climate discussions. This workshop in Praia represents a significant step toward establishing a sustainable carbon market in West Africa.
By mobilizing key stakeholders and fostering experience sharing, the alliance aims to transform climate commitments into concrete actions, thereby benefiting local populations and the environment.