DRC To Host UNGA Side Event To Call For Fairly Priced Carbon Markets For Africa

The Democratic Republic of Congo (DRC), supported by the United Nations Development Programme (UNDP), is set to host an event at the 78th United Nations General Assembly (UNGA) to amplify calls to the international community to establish effective carbon markets in Africa, with a fair price per tonne of carbon agreed.

«The current price of forest carbon set at $5 per tonne is neither fair nor realistic. To this end, a fair price for forest carbon should be at least $100 dollars per tonne. » President Tshisekedi has said.

The event, taking place on Tuesday 19th September 2023, will bring together Heads of State and representatives from financial institutions, government, the private sector, and the development community, to promote opportunities to create carbon markets across the continent which operate with integrity, fungibility, and transparency.

During the event, President Felix Tshisekedi Tshilombo of the DRC will urge the international community to harness the mitigation potential of the country’s natural assets as a route to decarbonisation, local development opportunities, and global climate resilience.

In line with the DRC’s commitments at COP 26 to halt and reverse tropical deforestation, and to devote 30% of the national surface area to biodiversity conservation at COP 15, the President of DRC has just launched a government process that should lead to the conservation of 700,000 km² (130 million acres) by 2030.

These areas of high ecological value will include peat bogs, which are fragile ecosystems not protected by the national nature conservation law. The auctioning of oil-rich peatlands have raised international furore. Now, thanks to the courageous political will of President Felix Tshisekedi, they could be legally protected for the benefit of all mankind.

Those forest and peatland areas representing more than 15% of the entire territory (2,344,000 square kilometres) will be designated protected areas, and will be certified and negotiated for carbon credits. Under President Tshisekedi’s environmental leadership, the decision means that DRC is already well on the way to reaching COP15 Vancouver targets, which engaged states to reserve 30 per cent of national territories to the conservation of forests and biodiversity.

« The DRC presents itself as a ‘solution country’ to the climate crisis, and a key player in the energy transition away from fossil fuels. With this decision, President Tshisekedi shows he is a champion of environmental protection, driving an alternative solution to the use of natural resources in order to develop the country », says DRC’s Special Envoy for the New Climate Economy, Stephanie Mbombo.

To address the challenge of financing national efforts to combat poverty and vulnerability to climate change while protecting the environment, President Tshisekedi has opted to promote the new climate economy, an approach that turns climate challenges into economic opportunities.

« Carbon markets provide a tangible way for the global community to fairly incentivise and reward developing nations for climate action, and fill the ever-growing climate-finance void resulting from failed and unfulfilled international pledges and commitments, » explains President Tshisekedi.

« Such markets can maximise nature’s contribution in the fight against climate change, and offer a unique opportunity to advance decarbonisation efforts whilst channeling much needed finance to support development. The potential of carbon markets in Africa, a continent endowed with vast carbon sinks, remains untapped – squandering our global capacity to avert a climate catastrophe. »

« We are committed to working with partners to achieve a fair and just carbon pricing mechanism that not only recognises the ecological value of our forests and peatlands and their role in tackling the climate crisis, but also supports the achievement of our Nationally Determined Contributions and offers socio-economic opportunities for our local communities. »

In collaboration with the Nairobi Framework Partnership Partners (UNFCCC, UNEP and FAO) and the International Emissions Trading Association (IETA), the DRC has developed procedures for authorising the exchange of carbon credits. A number of successful carbon projects have been led across the country, including in the Maï-Ndombe forest, in the South-West of the DRC, where local communities have shared in 25% of carbon credit profits.

The absorption capacity of the Congo Basin is unparalleled. Absorbing more carbon than the entire African continent emits, it is the earth’s most efficient carbon sink. However, the Congo Basin rainforest is at risk from illegal logging, clearing for charcoal and fuelwood, and small-scale subsistence agriculture. President Tshisekedi aims to combat corrupt activities, implement sustainable energy production, and improve agricultural practices, thereby improving the lives of people living in these forests and areas of natural biodiversity.