Malawi has partnered with African Carbon Markets Initiative (ACMI) to scale up carbon credit production across the continent in order to impact millions of lives.
Carbon credit is a mechanism devised to reduce greenhouse gas emissions.
Speaking during the launch of the ACMI on the sidelines of the Conference of Parties 27 (COP27) at Sharma El Sheik in Egypt on Tuesday, President Dr Lazarus Chakwera expressed excitement for Malawi to collaborate with ACMI to build on the existing efforts and creating a comprehensive plan that unlocks an end to carbon credit ecosystem in Malawi.
In 2021, a total of 600,000 tonnes of carbon credits were produced.
“But Malawi’s potential is huge and we have only scratched the surface, with opportunities ready to be unlocked in clean coockstoves and waste management solutions. We want to expand the projects and we will expand these projects,” said Chakwera.
Malawi’s target is to scale up it’s domestic generation of carbon credits, which is more than eight times the current production.
The scale up will mobilise up to US$100 million and support more than 250,000 jobs.
President Chakwera, therefore, said Malawi is keen on pursuing voluntary carbon markets and the carbon credit projects they support to not only drive reduction of emissions and climate impact but also raise resources vulnerable individuals and communities need.
