Carbon credits for climate change effects financing

Sharma El Sheik, Egypt: Malawi's President, Dr Lazarus Chakwera, told delegates at the COP27 in Egypt that his country is ready for collaboration in carbon markets and carbon credits projects to raise resources to cushion the vulnerability of communities and individuals affected by climate change.

He was speaking at the Africa Carbon Market Initiative (ACMI) launch on the sidelines of Egypt's climate change summit.

ACMI is a thirteen-member steering committee comprised of African leaders, CEOs, and carbon credit experts. It aims to increase Africa's participation in voluntary carbon markets significantly.

Malawi, according to Chakwera, aims to increase domestic carbon credit generation to 5 million, an eightfold increase, and to generate US$100 million, which will support more than 250,000 jobs.

He stated that Malawi has already implemented a National Climate Change Management Policy and a National Resilience Strategy in order to strengthen the country's resilience and reduce emissions.

Malawi has also been interacting with carbon markets as part of these efforts, most notably through a National REDD+ Program.