African countries must stop selling land rights cheaply if they are to extract more value from the “tarnished and depreciated” global carbon credits market, according to a new report from the Africa Finance Corporation (AFC). “Instead of maximising economic value from our natural assets, countries are engaging in the wholesale long leases and sale of land – our valued birthright – to foreign intermediaries that hope to profit from a more appropriately priced carbon market of the future. This is akin to the resource curse of past decades. We must guard against complicit arrangements that undervalue our natural assets while enabling the industrialised world to keep on polluting, with Africa suffering the biggest costs from global warming,” writes Samaila Zubairu, president and CEO of Africa Finance Corporation.
How Africa Can Unlock World’s Most Promising Net Zero Solution
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