The voluntary carbon market (VCM) is often championed as a key tool for combating climate change and funding climate mitigation projects, especially in economically disadvantaged regions like Africa.

Despite Africa’s minimal contribution to global greenhouse gas emissions, the continent is heavily impacted by climate change. Recently, the number of VCM projects on the continent has increased significantly. However, recent scrutiny has raised concerns about the transparency of financial flows and the true beneficiaries of the VCM.

This report highlights the gap between where VCM projects are implemented and where the managing companies are based, aiming to clarify the VCM’s effectiveness in supporting economic development in developing and least-developed countries.