Africa has big potential for carbon credits, but it’s only using 2% of it. The carbon credits market is worth over $103 billion and keeps growing. This market lets people buy and sell carbon credits, giving farmers more money.
But many African countries struggle to join in because they lack money and know-how. Also, the way carbon credits are calculated doesn’t always fit Africa’s climate actions. African farmers who could earn from this struggle to understand how to get involved.
To fix this, ThriveAgric, a Nigerian tech company, joined with Acorn Rabobank. Together, they’ll help 30,000 small farmers get carbon credits. This could remove 1.3 million tonnes of carbon and bring in $56 million for these farmers. Acorn Rabobank already does climate projects in countries like Ghana and Kenya.
“Every farmer we’d work with has an opportunity to make additional revenue from carbon credits,” says Samirah Bello from Thrive Agric. For instance, one farmer with a hectare of land could earn up to $1,700 in a year from carbon credits. And as trees grow, capturing more carbon, the money grows too.
In nine Nigerian states, small farmers will learn how to make their land better. This helps fight climate change by improving soil, making more types of plants, and trapping carbon. Farmers will also get more crops and less waste, plus money from carbon credits.
“The carbon market is huge, and African farmers shouldn’t miss out,” says Ayo Arikwe, Thrive Agric’s tech boss. They also plan to teach more farmers how to reduce emissions.
Agriculture, especially with trees, can help capture carbon. Thrive Agric works with many small farmers and has a new platform called Dorewa. This lets farmers sell carbon credits easily, earning more money. Thrive Agric gets a bit of money from each successful sale.
Dorewa is about helping more African farmers join the carbon credit journey and according to Arikwe, this is just the beginning for Africans.
Related Posts
Klasha Raises An Additional $2 Million To Expand B2B Cross-Border Payment Rails Into China
Moove Expands To Mexico, Extending Global Footprint
