Africa’s first carbon credit scheme
Africa's first carbon credit scheme launches in the wake of Copenhagen and aims protects the continents rain forests.
South African banking group Nedbank and international Non Government Organisation, Wildlife Works Incorporated, announce they will be running the scheme.
The scheme allows business in the developed world to ‘off-set’ there emissions by buying carbon credits from developing countries, who in turn invest in protesting their rainforests and natural resources.
The bank has not said it total investment in the scheme accept that it’s a ‘multi-million pound agreement’ to launch the first African carbon credit scheme.
Working together on Kenyan REDD (Reduced Emissions from Deforestation and Degradation) – which was only greenlighted at the weekend at Copenhagen.
The scheme aims to release more than 2.5 million tonnes of carbon into the global trading market.
The banks hope to show carbon offset opportunities in Africa are both economically and environmentally viable.
Nedbank will buy carbon credits from forest not logged off the Wildlife Works’ Kasigau Corridor Project to 2026.
Currently the only African bank to be included in the Dow Jones sustainability index, the Kasigau credits will be available for purchase through Nedbank Capital, part of Nedbank’s investment banking division.
Head of carbon, Kevin Whitfield said: “The carbon market provides a mechanism for linking Africa to the global green economy, while simultaneously conserving its rich natural heritage and safeguarding the livelihoods of its people.
“We hope this partnership will prove Africa can fight climate change, uplifting both rural communities and protecting wildlife by connecting them to the global carbon market.”