FILE - Members of Mikoko Pamoja, Swahili for 'mangroves together', plant mangrove trees in the beaches of Gazi Bay, in Kwale county, Kenya on June 12, 2022. In Kenya's Gazi Bay, arguably the continent's most famous mangrove restoration project, thousands of trees have been planted thanks to nearly a decade of concerted efforts to offset carbon dioxide released by faraway governments and companies seeking to improve their climate credentials.
Although many of these carbon credit schemes are based in Africa, where emissions are far lower and the consequences of climate change far greater than many other parts of the world, the continent remains largely excluded from the carbon market.Between 2002 and 2020 just 14% of all the carbon credits issued came from Africa.
But he added:"The relatively low cost of carbon and limited capacity in African financial markets, however, have remained barriers to this becoming a meaningful financing opportunity.”One tradeable carbon credit represents one ton of greenhouse gas, with prices usually fluctuating between $10 to $100 per ton of carbon dioxide, according to the United Nations development agency.
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