Sub-Saharan Africa is missing out on investments from industrialised countries to develop clean energy projects in the region, participants at Africa's first "carbon market" said Monday in Dakar.
Organised by the International Emissions Trading Association (IETA), the Africa Carbon Forum is being held September 3-5 in Senegal and is looking at how the continent could make better use of emissions trading schemes.
Under the Kyoto Protocol, which requires rich nations to slash greenhouse gas emissions blamed for climate change, a Clean Development Mechanism (CDM) allows for a country to offset some of its commitment to reduce emissions by investing in clean energy projects in developing countries.
"We forecast that in the five years to come, more than five billion dollars (3.5 billion euros) could be used in (clean energy) projects and Africa is not taking advantage of this mechanism," environment and energy expert Massamba Thioye told AFP.
Of the nearly 4,000 initiatives approved since CDM was launched in 2006, only around 50 were in Africa, according to energy expert Christophe de Gouvello, who presented a World Bank report on the sidelines of the forum.
