The Eastern Africa Alliance on Carbon Markets and Climate Finance is a coalition of six member countries, Burundi, Ethiopia, Kenya, Rwanda, Tanzania, and Uganda. The Alliance was born out of the need to participate, shape and enhance the regional readiness with regard to the new generation of market mechanisms under Article 6 of the Paris Agreement.
Under the Paris Agreement, all party countries, including those of the Eastern Africa region need to present mitigation targets, hence member countries want to explore market mechanisms that can provide cost-efficient solutions for reaching their targets as identified in their Nationally Determined Contributions (NDCs).
Having registered a number of projects under the Clean Development Mechanism (CDM) of the 1997 Kyoto Protocol, Eastern Africa countries want to ensure a smooth transition of such projects with high sustainability impacts into the new international market mechanism under Article 6 of the Paris Agreement.
Experiences of the past with the Clean Development Mechanism and the challenges the region encountered before necessary reforms of the CDM e.g. in form of Project of Activities (PoAs) were introduced, provided valuable lessons for the Eastern Africa region.
One significant lesson is that the Region has to ensure that its interests and priorities for the new generation of carbon mechanisms are considered in the finalization and implementation of Article 6.
It is against this background that Burundi, Ethiopia, Kenya, Rwanda, Tanzania, and Uganda formed the Eastern Africa Alliance on Carbon Markets and Climate Finance in June 2019 during the 50th sessions of the UNFCCC Subsidiary Bodies. The interim secretariat of the Alliance is the UNFCCC Regional Collaboration Center Kampala and GIZ Uganda, supported by the Coordinator of the Alliance in charge of the coordination of all Alliance related activities.
The Eastern Africa Alliance on Carbon Markets and Climate Finance aims to strengthen capacities of the member countries as well as offer a platform where countries can share experiences and foster a regional approach towards the future international carbon mechanism of Article 6 (PA) and climate finance.
The overall objectives of the Eastern Africa Alliance of Carbon Markets and Climate Finance are to promote the long-term position and participation of Eastern Africa countries in international carbon markets and increase the region’s capacities to access climate finance for NDC implementation. In order to achieve these objectives member countries have identified Alliance National Focal Points which are responsible for raising country needs and coordinating Alliance activities within their national context.
The Alliance follows a four-pillar approach and supports countries in many aspects related to carbon markets and climate finance.
1. Support Article 6 readiness in the region, which includes public and private sector capacity building activities.
2. Manage the transition from the Clean Development Mechanism under the Kyoto Protocol into Article 6 of the Paris Agreement. A well-managed transition strengthens political certainty and investor confidence in climate policy instruments and future mechanisms.
3. Foster active and better-coordinated participation of delegates from the region in the UNFCCC negotiations on market mechanisms, climate finance as well as other international fora
4. Promote regional exchange on experiences and lesson learned on carbon markets and climate finance
The promotion of a common vision on Carbon Markets and Climate Finance within the Eastern Africa region.