Africa’s first local climate exchange platform, the Africa Carbon Exchange, has recently opened in Nairobi. The new exchange is expected to assist small projects on the continent and channel $1bn in foreign direct investment into the region. The exchange will begin as a futures market and progress to spot trading. Kenya has 17 projects awaiting CDM registration and three have already been approved. Prior to the exchange, it was necessary to sell credits to international buyers with access to global markets at a reduced return. Several African countries are now expressing interest in benefiting from the exchange.