The Economic Community of West African States is developing a regional carbon market platform as member countries seek new ways to close a climate finance gap estimated at more than $294 billion.
The initiative was discussed at a regional workshop in Abuja involving member states, climate experts, technical partners and financial institutions.
ECOWAS said rising temperatures, environmental degradation and climate related displacement were creating increasing economic and social risks across West Africa.
Regional projections indicate that temperatures could rise significantly by 2050, while millions of people could face internal displacement linked to climate impacts.
Member states have raised their climate ambitions through updated Nationally Determined Contributions, increasing the amount of financing required.
A regional climate finance strategy adopted in 2022 estimated conditional funding needs at about $294 billion, although ECOWAS said the figure had since increased.
The proposed carbon market platform is intended to help countries generate additional finance from forests, agricultural land, mangroves and landscape restoration.
ECOWAS acknowledged that the region had not yet fully exploited its carbon market potential because of regulatory gaps, weak technical capacity, limited tracking systems and certification challenges.
The planned framework will emphasise transparency, environmental integrity, inclusive governance and recognition of national climate efforts.
Nigeria said its own carbon market framework and national registry were being developed and would complement the regional platform.
The Federal Government said a credible regional system could attract investment, support nature based projects, create green jobs and strengthen private sector participation.
The Abuja workshop is expected to refine the legal and technical framework before formal adoption.
ECOWAS said regional cooperation could reduce transaction costs, pool expertise and improve West Africa’s visibility in international carbon markets.
