CLIMATE TECH INNOVATION IN AFRICA – Report from Climate-KIC
Because of the newfound interest in carbon markets, the demand has exploded and there is a mismatch between supply and demand that is pushing up the prices of offsets. Bouhmouch suggests that high-quality African credits trade at a premium as there are multiple essential economic, social, and climate benefits linked to them. While there are many positive attributes to the carbon market, Razmilovic explains that there is a lack of transparency and discrepancy in value that limits the potential of the offset market to work efficiently in financing genuine projects which tackle climate change. To solve this issue, Tamuwa has partnered with the HBAR foundation and developed a platform called CYNK on Hedera blockchain which will provide transparency, trust and connectivity, allowing projects in Africa to access funding and receive fair pricing for their carbon assets by virtue of direct access to climate markets.