The global momentum behind carbon markets has created a unique opportunity for Africa to lead on sustainable development while addressing the climate crisis. At a pivotal panel discussion, held during COP29, hosted by SECDEX Group, alongside ZERO13 and Seychelles’ Ministry of Agriculture, Climate Change, and Environment, leading experts examined the potential of global carbon markets, with a focus on Africa’s role. The event, titled “Are Global Carbon Markets Ready to Take Off and What Does It Mean for Africa?”, provided an in-depth look at the infrastructure, governance, and collaboration needed for Africa to realise its potential in this burgeoning sector.

Moderated by Hirander Misra from ZERO13, the session brought together key figures in climate policy and carbon market innovation: Clifford Bastille, Senior Climate Policy Analyst at the Department of Climate Change and Energy in Seychelles,  Juliana Bempah Principal Program Officer of the Environmental Protection Agency, Carbon Market Office of Ghana, Dr. Pacifica Ogola, Director of Climate Change at the Ministry of Environment and Forestry of Kenya,  Reina Otsuka Lead, Digital Nature and Climate from the United Nations Development Programme (UNDP), and Suresh Yadav, Senior Director, AI, Trade, Green and Natural Resources at the Commonwealth Secretariat. The conversation not only addressed the opportunities within African carbon markets but also the challenges in scaling them sustainably and equitably. This was also followed by a presentation by Hirander Misra on digital carbon market infrastructure replacing the traditional approach for trading and settlement; and a presentation by Errol Renaud, CEO of Island Carbon Consult relating to the blue carbon opportunities within Seychelles.

The Promise of African Carbon Markets

Suresh Yadav opened the discussion by outlining the immense potential of African carbon markets, forecasting their growth to $6 billion by 2030 and $120 billion by 2050. Beyond economic benefits, these markets could create millions of jobs—an estimated 30 million by 2030 and over 100 million by 2050.

Highlighting Africa’s vast natural resources and growing commitment to sustainable development, Yadav stressed the importance of robust governance structures. “Africa’s carbon market potential is immense, but realising it requires trust, transparency, and collaboration,” he noted.

Adding to this, Juliana Bempah shared Ghana’s progress in operationalising its Ghana Carbon Registry and signing bilateral agreements with Switzerland, Sweden, and Singapore, setting an example for other nations. Ghana has demonstrated how a focused approach to integrating carbon markets into national climate strategies can serve as a model for other countries.

Building Infrastructure and Closing the Digital Divide

Reina Otsuka of the UNDP underscored the importance of technology in advancing climate action. Digitalising Nationally Determined Contributions (NDCs) and creating interoperable carbon registries were key themes. She also highlighted the UNDP’s work in supporting African nations in digitalising their climate commitments and integrating carbon markets into their economic strategies.

Dr. Pacifica Ogola, echoed these sentiments, discussing her country’s amendments to climate laws and the development of subsidiary regulations to operationalise carbon markets. She emphasised the need for high-integrity frameworks and cross-border collaboration to build an interconnected carbon market infrastructure.

The panellists agreed that closing the digital divide was critical for Africa to fully leverage carbon market opportunities. Access to affordable and open-source technologies, such as registry systems and dMRV (digital measurement, reporting, and verification) platforms, was highlighted as essential to ensuring inclusivity and equity.

The Role of Blue Carbon in Climate Action

The discussion also turned to the untapped potential of blue carbon resources, particularly in countries like Seychelles. Clifford Bastille presented Seychelles’ ambitious goals, including the deployment of its national carbon registry during 2025 and the development of blue carbon projects to preserve and monetise marine ecosystems.

Island Carbon Consult’s Errol demonstrated the challenges and opportunities of managing scattered blue carbon resources, emphasising the need for public-private partnerships and robust governance. These projects, slated for presentation at COP30, aim to preserve seagrass and mangroves while generating revenue through carbon credits.

Digital Demonstrations and Climate Finance

The session included demonstrations of digital approaches to carbon market management. ZERO13 showcased its end-to-end digital trading platform (including its newly launched ITMO Trading Hub in Singapore linking various supply countries such as Ghana), highlighting its ability to support auctions, trade allocations, and settlements with an interoperable approach across multiple blockchains and APIs. This technology-driven approach ensures transparency and efficiency in carbon credit trading while reducing transaction costs.

The discussion also highlighted the Commonwealth Secretariat’s model toolkit for carbon markets. Drawing on successful implementations in countries like Guyana and Rwanda, the toolkit provides a blueprint for African nations to capitalise on their natural assets and attract climate finance.

Suresh Yadav introduced the Digital Public Good, an open-source framework enabling countries to develop their carbon registries. This tool aligns with the African Union Commission’s vision of sustainable economic growth and aims to bridge the financing gap by enhancing market access and transparency.

Standardisation and Collaboration

A recurring theme was the need for standardisation and interoperability across carbon registries, trading platforms and broader carbon market infrastructure to address the Siloes that currently exist. The panellists discussed the Singapore Government, IETA and World Bank initiative known as the Climate Action Data Trust (CAD Trust) metadata layer, which facilitates seamless data exchange from registries to address issues such as double counting.

Collaboration was identified as a key driver for success. From bilateral agreements to multilateral frameworks, African nations were urged to align their efforts, share best practices, and invest in regional infrastructure. As Bempah noted, “Interoperable systems are not just a technical challenge; they are a pathway to inclusivity and fairness in carbon markets.”

Unlocking Space Tech for Climate

One of the most forward-looking topics was the potential of space technology to revolutionise climate action. Satellite-based carbon measurement was discussed as a game-changer for enhancing MRV systems and bridging the digital divide. This innovation could make carbon markets more accessible to African nations while ensuring data integrity and transparency.

Next Steps: Translating Vision into Action

The session concluded with several actionable next steps for key stakeholders. In Seychelles, the focus will be to finalise and implement the blue carbon policy while also ensuring the completion of the national carbon registry by 2025. Ghana is set to operationalise the digital ITMO Trading Hub for its use in partnership with ZERO13. Meanwhile, Kenya will work on developing subsidiary regulations specifically for carbon markets and trading.

The UNDP will continue its support for nations as they digitalise their Nationally Determined Contributions (NDCs) and carbon markets. The Commonwealth Secretariat aims to expand the adoption of the carbon market toolkit across member states. Additionally, there is a collective effort in Africa to collaborate on the development of interoperable registries and to address the digital divide that exists in many regions. Lastly, Island Carbon Consult will take the initiative to advance blue carbon projects leading up to COP30.

Conclusion

The panel underscored Africa’s immense potential to lead the global carbon market revolution. By addressing infrastructure gaps, embracing digital innovation, and fostering cross-border collaboration, African nations can turn climate challenges into economic opportunities.

This conversation, aligned with the urgent themes of COP29, serves as a call to action for governments, private sectors, and international organisations to invest in Africa’s carbon market future. As Hirander Misra aptly concluded, “Africa’s journey in the carbon market is not just about trading credits; it’s about trading hope—for a sustainable, inclusive, and prosperous future.” He added, “If handled correctly, carbon credits can become Africa’s largest export commodity, therefore increasing incomes at a local level and as a result GDP at a national level.”