Congo basin climate commission: a standardized and harmonized greenhouse gas protocol to support carbon market integrity and investment in climate-resilient economic activity in Congo Basin Climate Commission member countries

Abstract

Carbon markets have grown rapidly in recent years but remain poorly developed in Africa. The African continent is endowed with vast carbon sinks and pools in its forests and water resources, including in the Congo basin, which plays a key role in regulating the global climate and provide a vast range of services to economies and communities. The forest in the Congo basin ranks second after the Amazon rainforest in terms of mitigating global anthropogenic carbon dioxide emissions, notably from the combustion of fossil fuels. Nevertheless, Africa receives almost no financial assistance or investment flows for the mitigation services it renders to the rest of the world. The present study has been drafted with a view to addressing those challenges by facilitating the development of a standardized and harmonized protocol on greenhouse gas (GHG) emissions that provides for the harmonization of carbon emission accounting, verification, and reporting mechanisms. The study aims to support carbon market integrity, bolster institutional capacity, and boost private investment in inclusive green and blue economies in Congo Basin Climate Commission countries.