More than a dozen companies, mainly from Saudi Arabia, are bidding for two million tonnes of carbon credits at an auction in the Kenyan capital, Nairobi.
Demand for carbon offsets is growing fast as companies seek to reach their target of net-zero emissions.
The organisers of the auction say almost three-quarters of the carbon credits are being generated by projects in Africa, including supplying efficient cooking stoves in Kenya and Rwanda.
Large companies looking to offset their own carbon emissions - including the airline Saudia - will be bidding in Nairobi.
Within the next decade, the global market for these voluntary carbon credits is expected to be worth tens of billions of dollars.
But critics have in the past questioned the quality of some so-called green projects set up in Africa.
There is also some concern that with an option to buy carbon credits, companies including airlines are not under enough pressure to cut their own emissions.
Latest Stories
-
Dafeamekpor files appeal against dismissal of request to compel Akufo-Addo to accept anti-LGBTQ bill
3 mins -
They accepted my lunch offer – Kwadaso MP on money given to EC officials
3 mins -
KAIPTC launches 5-year strategic plan
21 mins -
Akwaboah Jnr stuns fans with wedding announcement
26 mins -
Chiefs not mandated to rise to greet visitors – Atuguba questions Chieftaincy Ministry justification
29 mins -
‘I did not bribe anybody, my action was misconstrued’ – MP involved in Ejisu ‘envelope’ incident
45 mins -
Respect is earned, not commanded – Raymond Atuguba tells public officials
1 hour -
TikTok and Universal settle music royalties dispute
1 hour -
Failure to properly transfer gun ownership can land you behind bars
1 hour -
Reduce over-reliance on imports to stabilise cedi – TUC boss tells Ghanaians
2 hours -
‘We’re taking it game by game’ – Ibrahim Tanko on Accra Lions’ title ambitions
2 hours -
Nigerians pick sides as Wizkid and Davido clash online
2 hours -
Nigeria Workers’ Day: Civil servants get pay rises up to 35%
2 hours -
“I am the Austrian team boss with all my heart,” Rangnick turns down Bayern
2 hours -
Failed asylum seeker given £3,000 to go to Rwanda
2 hours