The Corporate Capture of Climate Agenda: A Primer on Carbon Trading in Africa

by IBON Africa

The growing climate impacts has exerted immense pressure on governments across the world to develop solutions aimed at addressing the climate crisis. However, most of these so-called solutions are market-based, designed to protect the interests of historic emitters and continue business as usual.

Corporations and global North governments promote these ‘solutions’ as ways for Africa to unlock climate finance. It is, therefore, crucial to challenge this narrative, as market-based ‘solutions’ divert the primary responsibility of climate mitigation from the global North to poor African countries who are the least responsible for climate change. The global North, having the largest share of historical and current per capita emissions, should take the lead in reducing emissions and providing unconditional financial and technological transfers to African countries for their adaptation to the adverse impacts of climate change.

This primer seeks to dismantle the myths surrounding market-based approaches, particularly carbon trading. It provides a comprehensive exposition and systematically critiques the structural flaws of carbon trading and examines implications to communities in Africa and the environment. Finally, it advocates for an alternative path: rights-based, people-centered climate action that prioritizes the wellbeing of people and ecosystems over corporate profits.