The Untapped Potential of Great Green Wall Voluntary Carbon Market Projects 2024

Images: Tree Aid Disclaimer This document is published by the World Economic Forum as a contribution to a project, insight area or interaction. The findings, interpretations and conclusions expressed herein are a result of a collaborative process facilitated and endorsed by the World Economic Forum but whose results do not necessarily represent the views of the World Economic Forum, nor the entirety of its Members, Partners or other stakeholders. © 2024 World Economic Forum. All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system.Contents Foreword 3 Executive summary 4 Acronyms 5 Introduction: on the frontline of climate change in the Sahel 6 1 Untapped investment opportunities in GGW 7 1.1 Sahel voluntary carbon market opportunity 7 1.2 Carbon sequestration potential 8 1.3 Enabling environment 11 2 Mitigating the challenges facing investment in VCM projects in the Sahel 13 2.1 Scepticism of carbon offsetting and avoided deforestation 13 2.2 Land conversion risk 14 2.3 Disputed land tenure 15 2.4 Exclusion of Indigenous Peoples and local communities 16 2.5 Risk of non-viable projects due to slow growth and high mortality 17 2.6 Risk of deforestation from drought and desertification 19 2.7 Political instability 20 2.8 Policy environment 20 3 Recommendations to consolidate progress and harness the potential of the VCM 21 Recommendation 1: Strengthen the regulatory framework for voluntary carbon 21 markets in the Sahel Recommendation 2: Mobilize ongoing public funding to strengthen the enabling 22 environment for future carbon investments Recommendation 3: Generate new VCM public-private partnerships to de-risk 22 private sector investment Recommendation 4: Focus on community-centred approaches to create green jobs 22 Recommendation 5: Improve transparency, information sharing and learning 23 across all stakeholders Conclusion 24 Annex: Methodological approach 25 Contributors 26 Endnotes 28 The Untapped Potential of Great Green Wall Voluntary Carbon Market Projects 2