INVESTIGATING THE POTENTIAL OF CARBON MARKET FINANCE TO SUPPORT GREEN INNOVATION AND ENTREPRENEURSHIP IN WEST AFRICA: CASE STUDY OF BENIN REPUBLIC

Abstract

The increasing interest in harnessing carbon market finance to foster green innovation and entrepreneurship mirrors the worldwide dedication to addressing climate change and attaining sustainable development goals. In West Africa, notably in Benin Republic, the distinctive challenges and opportunities faced, including the promotion of sustainable practices across sectors such as agriculture, forestry, renewable energy, and waste management, emphasize the importance of delving into carbon finance as a catalyst for environmental initiatives and economic advancement. This highlights the imperative to explore how carbon market mechanisms can bolster green projects and empower youth innovators and entrepreneurs not only in Benin but also in neighboring countries. This master’s Dissertation delves into exploring carbon market finance as a catalyst for sustainable development initiatives in Benin Republic, West Africa. The study investigates the potential impact of leveraging carbon credits in key sectors such as forestry, renewable energy, agriculture, and waste disposal to mitigate greenhouse gas emissions and promote eco-friendly practices. Through a comprehensive analysis of implementing carbon credit projects, including project conceptualization, design, monitoring, and market integration, valuable insights are gained into the opportunities and challenges of utilizing carbon finance in the region. By examining the current state of the carbon market in West Africa, with a specific focus on Benin, this research contributes to the existing body of knowledge on climate change mitigation strategies and sustainable development practices. The study underscores the importance of collaboration among policymakers, investors, entrepreneurs, and stakeholders to drive innovation and knowledge sharing in green finance. Key recommendations are provided for policymakers to enact supportive regulations, investors to fund sustainable projects, entrepreneurs to engage in green initiatives, and stakeholders to foster collaboration and knowledge exchange. The findings of this research highlight the significant role of carbon market finance in advancing sustainable development goals and addressing environmental challenges in the region. Through a multidisciplinary approach that combines environmental science, economics, and policy analysis, this study offers valuable insights for academia, policymakers, industry practitioners, and environmental advocates seeking to promote sustainable development through carbon finance mechanisms in West Africa.