The Economic Community of West African States (ECOWAS) says it is developing a regional carbon market platform aimed at helping member states attract climate investment and strengthen their participation in international carbon markets.
Kalilou Sylla, ECOWAS Commissioner for Economic Affairs and Agriculture, said the proposed platform would provide a harmonised framework for countries across the region to generate, certify and trade high-integrity carbon credits.
The initiative is expected to create new opportunities for West African countries to mobilise finance for climate-related projects while supporting efforts to reduce greenhouse gas emissions.
Sylla said a coordinated regional approach would help member states overcome some of the challenges associated with fragmented national carbon markets and improve the credibility of carbon credits generated within the region.
The proposed platform would also seek to establish common standards and mechanisms for measuring and verifying carbon reductions, potentially making West African carbon credits more attractive to international investors.
ECOWAS is increasingly looking to carbon markets as a potential source of funding for projects in areas including renewable energy, sustainable agriculture, forestry and other climate-resilient initiatives.
The regional bloc said the development of the market was part of broader efforts to position West Africa to benefit from the growing global demand for carbon credits and climate finance.
A functioning regional carbon market could also enable member states to pool expertise, strengthen regulatory systems and improve access to international buyers seeking credible emissions-reduction projects.
ECOWAS said further work would focus on establishing the institutional and regulatory framework required to ensure transparency, environmental integrity and confidence in the emerging market.
The move comes as developing countries continue to call for greater access to climate finance to support their transition to low-carbon economies and address the impact of climate change.
