Bissau, Aug. 1, 2024 (Lusa) - The director-general of the Guinea-Bissau Environment Institute, João Lona Tchedna, told Lusa on Thursday that the country "has enormous potential" in the carbon market and that several international institutions are currently contacting the authorities.

Lona Tchedna said, however, that the country first needs to create an internal structure, namely a Focal Point, in compliance with articles 6.2 and 6.4 of the Paris Agreement, and then launch itself into the carbon market.

"Even if we have commitments to projects, companies or countries interested in the carbon market, we first need to create an internal structure," said the director-general of Guinea's Environment and Biodiversity.

Tchedna believes that Guinea-Bissau, as its forest and mangroves arethe third largest in Africa, will attract "many interested parties" to the carbon market, not least because the country has set itself the target of reducing greenhouse gas emissions by 30% by 2030.

"The forest and the mangroves are primary sources of carbon sequestration, which gives us a comparative advantage in the carbon market. Guinea-Bissau has enormous potential," said the Guinean environment official.

World Bank data from 2020 shows that Guinea-Bissau has per capita C02 emissions of around 0.16 metric tonnes, while the world average, based on 185 countries, is 174,561 kilotonnes.

The director-general of Environment and Biodiversity also noted that, even with a national structure, Guinea-Bissau would need to train or create national technicians "who will operate in this complex market".

MB/ADB // ADB.

Lusa