M AUTO signed Africa's largest electric mobility carbon market transaction

M AUTO is the largest electric mobility company in Africa, with the purpose of providing access to innovative and sustainable electric mobility solutions. The company has sold more than 2,000 motorcycles, making it the largest electric vehicle manufacturer in Africa based on the number of bicycles on the road. In Africa, the company is operational in the Benin Republic and Togo.

The company announced the signing of its first $5 million transaction on the voluntary carbon offset market at COP27. The finance arrangement was with Aera, Africa's largest carbon credit trader, and myclimate, a non-profit Swiss climate protection organization. The contract targets the reduction of emissions generated by M AUTO and will be spread over three years. M AUTO intends to deploy over 2 million electric motorcycles across Africa by 2030. The company plans to expand to Rwanda in 2023 and ten other African countries by 2030.

This agreement demonstrates that renewable energy firms and project developers can obtain alternative funding from the voluntary carbon market based on the avoidance or removal of emissions as part of their endeavour to reach net zero.