Yaoundé - 07 February 2023 -

Cameroon wants to tap into the carbon market

Cameroon wants to tap into the carbon market
  • Comments   -   Friday, 28 October 2022 07:13

(Business in Cameroon) - The government of Cameroon is developing a strategy to earn money on the carbon market starting in 2023. Last October 25 in Yaoundé, the Minister of Finance, Louis Paul Motazé (pictured), chaired a workshop to discuss the issue with authorities.

"Our plan is to assess our current situation, identify solutions and implement them to finalize the carbon market entry process," the official said. The carbon market is a system in which carbon rights are traded in the same way as financial securities. The least polluting countries or companies sell their rights to the most polluting ones.

However, achieving this goal requires certain prerequisites. The most urgent for Cameroon is the establishment of its carbon balance sheet, which allows estimating the amount of carbon stored by the country, following various climate-friendly measures. For the time being, we learned, the carbon assessment, which conditions access to green financing, is only available for two of the five agroecological zones of the country.

Let's note that Cameroon can boast of being a country located in the Congo Basin, the second largest forest in the world after the Amazon in South America.


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