African nations commit to new initiative to scale up voluntary carbon markets

The Africa Carbon Market Initiative (ACMI) was formally launched at the COP27 climate conference in Egypt, with the aim of generating 300m carbon credits a year by 2030, which would lead to $6bn in revenue. Several African countries – including Kenya, Malawi, Gabon, Nigeria and Togo – have signalled their intention to collaborate with ACMI, to scale up their voluntary carbon markets (VCM).