LUSAKA, Sept. 4 (Xinhua) -- African countries should strengthen regional collaboration on the development of carbon market frameworks to deal with challenges many countries are facing, according to a communique issued after a meeting Wednesday.
Many countries in sub-Saharan Africa are facing challenges in the development of national market frameworks, which highlights the need for collaboration, said the communique issued after a high-level dialogue meeting of experts from Kenya, Senegal, and Zambia on harnessing carbon markets for Africa's low-carbon development.
"This includes the exchange of experiences and the development of building blocks, which may be appropriated in national carbon market frameworks," the communique said, adding that countries should identify an appropriate institution to spearhead the strengthening of regional collaboration.
The high-level meeting, held in Lusaka, the Zambian capital, acknowledged that most sub-Saharan African countries consider the carbon market as an important instrument to co-finance low-carbon development, while some countries have not fully understood the costs and benefits as well as the required volumes of investment, a situation hindering the cost-efficient implementation of nationally determined contribution.
According to the communique, the meeting also acknowledged the need for national carbon registries and national greenhouse gas inventories, which will not only measure emissions but also assess the performance of mitigation activities and policies.
