CPLC-Africa Climate Week: Carbon pricing seen as key tool to drive sustainable development and social benefit
On Tuesday, March 19 at Africa Climate Week, the World Bank Group (WBG) and International Emissions Trading Association (IETA) hosted a Carbon Pricing Leadership Coalition (CPLC) workshop on Carbon Pricing, Markets, and Sustainable Development in Africa. This all-day event showcased how policies and programs to put a price on carbon can mobilize climate investment, drive social benefit, and reduce carbon pollution.
The agenda featured key stakeholders who are either implementing, considering, or advancing carbon pricing—including representatives from Burkina Faso, Côte d'Ivoire, South Africa, Rwanda, Senegal and Nigeria. Drawing over 250 participants, the key takeaways included:
1) There is a compelling case to price carbon to drive sustainable development in Africa;
2) Momentum for carbon pricing is building in Africa, but more needs to be done to expand coverage of initiatives across the continent;
3) Communication and stakeholder engagement are key to ensuring carbon pricing initiatives are equitable and aligned with larger development goals;
4) Cooperation—domestically, regionally, and internationally—can facilitate greater ambition and efficiency of carbon pricing initiatives (CPIs).
These takeaways and the outcomes will provide foundation for CPLC’s future activities, including enhancing awareness of the important role carbon pricing can play in African countries, engaging youth and other stakeholders in the region, and increasing country-specific knowledge creation.