• Carbon Measures, a coalition of 19 global firms including Exxon Mobil and ADNOC, launched an independent expert panel to develop a unified global carbon accounting framework.
• The initiative aims to align carbon reporting practices and eliminate double counting of emission reductions, inspired by international accounting standards.
• Standardized carbon accounting is viewed as critical for enhancing the credibility of African carbon projects, potentially leveraging the continent's capacity to absorb up to 600 million tonnes of CO₂ annually.

Carbon Measures, a global coalition of 19 companies including major energy sector players like Exxon Mobil and ADNOC, announced the creation of an independent expert panel. This panel is tasked with developing a unified global carbon accounting framework. The initiative brings together key actors from the energy sector, industry, and financial services.

International press reports circulated on Monday, October 27, indicate the group seeks to build a unified system for measuring and publishing greenhouse gas (GHG) emissions. This objective aims to “align carbon reporting practices” and prevent the double counting of emission reductions. According to Carbon Measures, this mechanism, inspired by international accounting standards, seeks to provide companies and states with a common registry to record and compare their climate performance.

The panel will be co-chaired by Amy Brachio, former Vice President of Sustainability at the international audit and consulting firm Ernst & Young (EY), and by Karthik Ramanna, a professor at Oxford University. The coalition specified that the panel will gather experts from academia, civil society, and industry to define the methods for calculating, auditing, and publishing emissions.

Africa Central to Carbon Market Stakes

This development occurs as Africa consolidates its presence in voluntary carbon markets. Data published in 2023 by the Africa Carbon Markets Initiative (ACMI) suggests the continent could generate 300 million tonnes of CO₂ equivalent per year by 2030, increasing to 1.5 gigatonnes by 2050, through its sequestration and carbon offset projects.

The World Economic Forum (WEF) estimates that African natural ecosystems can absorb up to 600 million tonnes of CO₂ annually . However, the continent only represented 11% of carbon credits issued between 2016 and 2021, with natural sinks accounting for only 3% of that total.

The UNDP and the Climate Policy Initiative contend that Africa’s access to climate financing depends on the credibility and traceability of its declared emission reductions. Consequently, the establishment of standardized global carbon accounting is presented as a crucial lever. This standardization will reinforce donor confidence and facilitate the integration of African projects into international climate finance mechanisms.

This article was initially published in French by Abdel-Latif Boureima

Adapted in English by Ange Jason Quenum