Description

The clean development mechanism (CDM) has become one of the most important elements of the Kyoto Protocol. In 2008, the value of the global carbon market was estimated at approximately $118 billion. It is estimate that transaction volume for carbon dioxide emissions allowances reached 4.0 billion tons for the same year. This illustrates the vigour of the CDM market worldwide, having contributed to developing a new and global market for GHG emission reduction projects. Africa is likely to intensify its focus on this significant source of revenues as it is one of the most vulnerable regions to the adverse effects of climate change. This study intends to quantify the opportunities created by the CDM in Africa.