Financing the carbon market will be at the heart of discussions in the coming days between public and private sector stakeholders in the Democratic Republic of Congo (DRC). During the first edition of the Economic Forum on the New Climate Economy (FENEC), held from July 19 to 21, 2023, at the Congo Fleuve Hotel in Kinshasa, participants discussed numerous challenges in establishing a regulatory framework for the carbon market.

Faced with such a restrictive and still poorly understood market, the response to these various challenges would require not only the involvement of the government, but also of stakeholders in the private and public sectors. Speaking at the panel on climate finance on Friday, July 22, 2023, Mustafa Rawji, Managing Director of Rawbank, emphasized the need to establish a national consultation framework to find appropriate solutions.

“We encourage the creation of a common consultation structure so that the stakeholders involved can jointly find solutions to the challenges ahead,” he said.

Mustafa Rawji indicated that Rawbank is heavily involved in the carbon credit certification process.

“It is up to the government and the provinces to take this matter seriously,” he urged.

The CEO of Rawbank believed that the authorities of the Democratic Republic of Congo (DRC) should take fiscal incentive measures to encourage economic actors to invest in the carbon market.

“As soon as economic players know how to convert their carbon credits into foreign currency, they will be encouraged to invest in this market,” noted Mustafa Rawji.

In its drive for innovation, Rawbank, through its trading room, is in contact with local and international partners to create a framework that will assist clients from project identification to carbon credit marketing.

“Our role is to support them in the process of certifying their carbon credits on the international market. This certification, which highlights the value of the carbon credit, will give them the opportunity to sell it on the international market,” explained Mustafa Rawji.

Carbon markets offer African countries an excellent opportunity to use their abundant natural resources to unlock economic value and accelerate sustainable industrialization, as well as economic transformation and diversification.

“Congo is blessed to have forests that exist and need to be protected or preserved,” he said.

To date, as the Managing Director of Rawbank mentioned, There are different levels of certification.

“A tree in the Congo does not sequester the same amount of carbon as a tree in Germany or another country. Yet, we all know that the value of oxygen does not vary from one continent to another. But to achieve a fair position on the international market, we must create a framework that strictly adheres to international market standards and requirements.” “, said Mustafa Rawji.

For him, it’s an intellectual undertaking and it’s necessary to bring together around the table all the stakeholders who have a role to play (the government, private companies, commercial banks, the World Bank, the Ministry of the Environment, etc.).

« Je pense que ce forum constitue un point de départ idéal pour échanger sur le développement du marché du carbone. A partir de ce moment, on  va se mettre à travailler ensemble. Je félicite l’initiative du Président,  et je pense que c’est un passage incontournable qui va créer de la valeur durable pour les générations à venir et Rawbank est extrêmement honorée d’être partie prenante ce processus. », a-t-il conclu.

Le Forum économique sur la nouvelle économie du climat vise à encourager les entreprises à adopter des pratiques durables et à s’engager dans des projets de réduction des émissions de gaz à effet de serre, tout en stimulant la croissance économique et en créant les emplois durables.

“I believe this forum is an ideal starting point for discussing the development of the carbon market. From this moment on, we will begin working together. I congratulate the President’s initiative, and I believe it is an essential step that will create sustainable value for generations to come, and Rawbank is extremely honored to be part of this process,” he concluded.

The Economic Forum on the New Climate Economy aims to encourage businesses to adopt sustainable practices and engage in projects that reduce greenhouse gas emissions, while stimulating economic growth and creating sustainable jobs.