World Bank, GCC and COMESA join forces to mobilize carbon finance and advance energy access for 100 million people in Africa

Detailed summary

Antalya: The Global Carbon Council (GCC), an independent and internationally recognized carbon standard from the Global South, launched the Energy ...

Antalya: The Global Carbon Council (GCC), an independent and internationally recognized carbon standard from the Global South, launched the Energy Access Program Standard in collaboration with the World Bank and the Common Market for Eastern and Southern Africa (COMESA) during the 31st Conference of the Parties (COP31) in Antalya, Türkiye.

Held at the Arab Climate Pavilion, jointly hosted by GCC and the League of Arab States in the COP31 Blue Zone, the launch introduced a digitally enabled carbon crediting framework designed to mobilize high-integrity carbon finance for energy access projects, accelerate investment, and expand access to clean electricity and cooking solutions across Eastern and Southern Africa.

Developed and operated by GCC following its selection by the World Bank, the Energy Access Program Standard and its associated digital platform are intended to support eligible projects under initiatives such as the World Bank's Accelerating Sustainable and Clean Energy Access Transformation (ASCENT) Program. Supporting Mission 300, ASCENT aims to provide electricity access to 100 million people and clean cooking solutions to 20 million people across more than 20 countries in Eastern and Southern Africa.

The standard establishes a carbon crediting pathway for eligible off-grid solar systems, mini-grids, grid extensions and clean cooking projects. Its integration of digital Monitoring, Reporting and Verification (DMRV) is designed to improve the accuracy and transparency of emissions monitoring while reducing the time and costs associated with carbon credit generation.

Conventional carbon crediting processes can involve lengthy monitoring and verification cycles, creating financial and administrative barriers for project developers, particularly those implementing smaller, geographically dispersed activities.

By integrating monitored operational data with carbon accounting requirements, the system seeks to accelerate the transition from verified mitigation…

The…

Deli…

Opening of the article, excerpted from The Peninsula. To read the rest, open the article on the publisher's site.