The Economic Community of West African States (ECOWAS) is intensifying efforts to create a regional carbon market platform aimed at bridging a $294 billion climate-finance shortfall and unlocking the region’s potential in global carbon markets.
The initiative took centre stage at a three-day workshop in Abuja this week, where officials from ECOWAS member states, regional and international organisations, technical partners and climate experts gathered to validate the proposed framework.
Speaking on behalf of the ECOWAS Commission, Director for Environment and Natural Resources Christophe Deguenon highlighted the urgency of the move. West Africa faces rising temperatures projected at 1.5°C to 3°C by 2050, according to IPCC estimates, and climate impacts could displace nearly 32 million people internally, the World Bank has warned. These pressures threaten livelihoods and economic progress across the region.
Member states have raised their climate ambitions through successive Nationally Determined Contributions (NDCs). The bloc’s 2022 Regional Strategy for Access to and Mobilisation of Climate Finance put the financing requirement at $294 billion based on second-generation NDCs. With the newer NDCs 3.0 submissions, that figure has grown further.
The proposed platform is designed to operationalise Article 6 of the Paris Agreement and help countries convert natural assets more than 350 million hectares of agricultural land, major forest blocks, mangrove ecosystems and degraded landscapes, into high-integrity carbon credits. Despite this potential, West Africa remains under-represented in international carbon markets due to regulatory gaps, limited technical capacity, weak tracking systems and certification hurdles.
The framework, developed with support from consulting firm AETS and partners including BDO Carbon and S&P Global, rests on four principles: transparency, environmental integrity, inclusive governance and recognition of national climate efforts. It aligns with ECOWAS Vision 2050 and the African Union’s Agenda 2063.
Nigeria’s Minister of Environment, Balarabe Lawal, whose remarks were delivered by a ministry director, described the initiative as timely. Nigeria has launched its own Carbon Market Framework and is developing a national registry. A regional platform, he said, would complement national efforts by enabling information sharing, peer learning and greater visibility for West African projects, while attracting investment, supporting nature-based solutions and creating green jobs.
Participants are expected to refine the draft through technical and legal review, agree on governance structures and adopt an implementation roadmap. ECOWAS officials stressed that the platform should function as a practical instrument of regional cooperation, pooling expertise, lowering transaction costs and strengthening the region’s position in global carbon markets.
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