Cooperation between the Global Mechanism and the Common Market for East and Southern Africa (COMESA) saw a further boost this week following a series of consultative meetings with the International Fund for Agricultural Development (IFAD), the Food and Agricultural Organization of the United Nations (FAO), the International Land Coalition (ILC) and other Rome-based stakeholders.
These meetings that hinged on the theme of “Unlocking Africa’s Latent Potential in Carbon Finance: Challenges, Options and Opportunities”, were organized in order to discuss the ongoing feasibility study to evaluate options for the establishment of a COMESA Carbon Fund/Facility. The specific objectives were to present and discuss the initial work and preliminary findings of the feasibility study; and to hold consultations with UN-Rome-based agencies, the ILC and other partners to identify areas of co-operation in support of the COMESA Carbon Fund/Facility.
The proposed fund/facility is designed to address the issue of climate change within Africa, including how to unlock the tremendous potential and latent value of Africa’s value resources. This potential lies, inter alia, in Africa’s vast agricultural lands and forests - including drylands.
The fund/facility will facilitate access to international carbon trading markets and manage carbon credit trading for the benefit of COMESA Member States.
The fund/facility was initiated by COMESA and the PTA Bank, and is strongly supported by the Government of Norway, the GM, the Rockefeller Foundation, the World Agroforestry Centre (ICRAF), WWF-USA, civil society organizations such as the Food Agriculture and Natural Resources Policy Analysis Network (FANRPAN) and other key development partners.
The positive outcomes of the Rome meeting included:
- identification of potential partnership opportunities with UN-Rome-based agencies in support of the proposed COMESA Fund/facility, including the provision of technical support, financial support, project design, and implementation and monitoring support;
- enhanced dialogue on the conceptual approach to the Fund/Facility, including how to address challenges posed by land rights/usufructs, land ownership; project finance; bundling small-scale projects, smallholders and community based activities; maximising value of African carbon projects; attracting carbon buyers, attracting African carbon sellers, and addressing sustainable development co-benefits; and
- finalization of the roadmap for the feasibility study.
For more information:
Ms Elsie Attafuah, Programme Officer, East and Southern Africa
Tel. +39 06 5459 2577
e.attafuah (at) global-mechanism.org