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COP27: Signing of the largest carbon credit transaction for electric mobility in Africa

Wednesday, 09 November 2022 16:15
COP27: Signing of the largest carbon credit transaction for electric mobility in Africa

(M AUTO) - MAUTO, the leading electric two-wheeler in Africa, announces the first closing of a $5 million transaction in the voluntary carbon offset market. 

"There are effective ways to finance the ecological transition in Africa and to make it affordable and sustainable. No population will accept this without strong support. That’s the whole point of this operation ", insists Shegun Adjadi Bakari, CEO of MAUTO.

The funding agreement with Aera, Africa's leading carbon credit trader, and myclimate, a Swiss nonprofit climate protection organisation committed to transparency in carbon footprint measurement, will be spread over the next three years. 

With COP27 just beginning in Egypt, the signing of this $5 million deal - the largest in Africa in terms of carbon credits for electric mobility - will help to immediately meet the continent's commitments to a sustainable energy transition. 

"This agreement is proof that Africa is in an offensive position on energy transition and that industrial players are ready for innovative partnerships ", explains the director. 

The contract covers the reduction of emissions generated by MAUTO, which plans to deploy over 2 million electric motorbikes in Africa by 2030. 

MAUTO has been present in Benin and Togo for four months now with 2,700 electric motorbikes on the road. The brand will be rolled out before the end of the year in Rwanda. By 2030, the aim is to be operational in over ten countries across Africa.
The closing of this $5 million transaction, while accelerating the deployment of electric two-wheelers in Africa, will also address the challenge of electrification. 
Approximately 80% of the electricity that will be used to charge the electric vehicles will come from photovoltaic charging stations that will be installed as the roll-out progresses.
Since its launch, MAUTO has been dedicated to urban, ecological and affordable mobility and is working towards building its own carbon-neutral assembly plants to be ready by 2024. In order to certify the achievement of its environmental and social commitments, MAUTO intends to obtain the Sustainable Development Verified Impact Standard (SD VISta) label issued by Verra.
Shegun Adjadi Bakari, Chief Executive Officer of MAUTO and Partner at the African Fund for Transformation and Industrialization Fund (ATIF)

"There are effective ways to finance the ecological transition in Africa and to make it affordable and sustainable. No population will accept this without strong support. That’s the whole point of this operation."

"With this transaction, MAUTO demonstrates its ability to rapidly execute its global green transition strategy in Africa and its power to change everyday life in African cities by reducing traffic pollution, a major public health concern for urban populations."

Fabrice Le Saché, President of Aera Group  

"It is a great pleasure and honour to be the carbon finance pioneer for Africa's largest electric motorbike programme. We are pleased to generate revenue from carbon credits to reduce the cost of leasing electric motorbikes and to help MAUTO raise additional funds to accelerate its rollout in Africa."

Founded in 2019, MAUTO is now the African leader in electric two-wheeler mobility. Present in Benin and Togo for the past four months, the firm is preparing its deployment in Rwanda and plans to expand into a dozen countries by 2030. Being a responsible company committed to low-carbon transport, MAUTO is working with the most innovative and successful organisations in energy transition. The company's ambition is to build its assembly plants in West Africa and to employ more than 3,000 people.

About Aera Group
Aera is the leading independent trading company dedicated to environmental certificates in Africa. Aera Group was founded by three Frenchmen - Fabrice le Saché, Aurélie Lepage and Alexandre Dunod - who wanted to act together and commit to the creation of an independent environmental trading group whose mission is to accelerate the channelling of revenues to climate projects in Africa. From the very beginning of Aera, the founders chose an integrated approach to deal with the entire environmental certification process for project owners. As a result, Aera has become a unique platform of technical expertise for African environmental assets, reinforcing its position as the leading independent trader in the sector. To date, Aera holds the largest portfolio of CO2 emission reduction certificates in Africa on major asset classes (VCU, GS-VER, CER) including various technologies (renewable energies, energy efficiency, waste recovery...).

About myclimate
myclimate is a partner for effective climate protection, globally and locally. Together with industry partners and private individuals, myclimate wants to shape the future of the world through advisory services and educational programmes, as well as its own projects. It does so in a market-oriented and customer-focused way as a non-profit organisation. This international initiative with Swiss roots is one of the world’s quality leaders in voluntary CO2-compensation measures. 

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ECOFIN AGENCY offers a selection of articles translated from AGENCE ECOFIN. Founded in 2011, Agence Ecofin is a leader in Francophone Pan-African economic news, particularly in West and Central Africa. The agency publishes daily news on nine African economic sectors: Public Management, Finance, ICT, Agribusiness, Energy, Mining, Transport & Logistics, Communication, and Training.

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