Malawi has partnered with African Carbon Markets Initiative (ACMI) to scale up carbon credit production to impact millions of lives.
Carbon credit is a mechanism devised to reduce greenhouse gas emissions.
Malawi has already introduced key climate regulations such as the National Climate Change Management Policy and National Resilience Strategy to strengthen the country’s resilience and reduce emissions.
The ACMI launch was held on the sidelines of the Conference of Parties 27-COP27 at Sharma El Sheik in Egypt on Tuesday.
President Lazarus Chakwera says Malawi will collaborate with ACMI to create a comprehensive plan that unlocks an end to carbon credit ecosystem in Malawi.
In 2021, a total of 600,000 tonnes of carbon credits were produced.
“Malawi’s target is to scale up its domestic generation of carbon credits, which is more than eight times the current production,” Chakwera said.
He indicated that the scale up will mobilise up to 100 million dollars and support more than 250,000 jobs.