Zimbabwe strives for transparency in carbon trading
Zimbabwe has started developing a comprehensive framework aiming for transparency and accountability in carbon trading on the compliance market.
This marks a significant step towards responsible participation in the global carbon market, Minister of Environment, Climate and Wildlife Dr Sithembiso Nyoni said.
Carbon credits represent one tonne of carbon dioxide ( CO2) or an equivalent amount of other greenhouse gases removed from the atmosphere and aims to offset emissions produced elsewhere.
Companies or individuals can buy carbon credits to compensate for their emissions, essentially supporting projects that reduce greenhouse gases.
Credits are issued by governments or independent organisations based on verified emission reduction projects like renewable energy or forest conservation and can be traded on a global market, allowing polluters to meet their emission reduction goals.
The Article 6 Implementation Framework of the Paris Agreement will be built on several key pillars which involves a thorough readiness and needs assessment to identify Zimbabwe’s strengths and weaknesses in carbon trading infrastructure.
This would guide the development of the subsequent steps, Dr Nyoni told a media conference on Thursday.
The Article 6 Action Plan will be established, outlining a clear roadmap for implementing the framework to define specific goals, timelines, and responsible parties for each stage.
A comprehensive Article 6 Policy and Carbon Market Strategy will also be developed to establish the overarching principles and regulations that govern carbon trading activities within Zimbabwe.
Dr Nyoni said a state-of-the-art carbon registry will be built, to secure digital platform that tracks and verify all carbon credits issued and transacted within the country. In addition, a detailed operational manual will be created, encompassing comprehensive measurement, reporting, and verification guidelines to ensure the accuracy and transparency of carbon emission reduction calculations for trading purposes.
Furthermore, a cutting-edge online portal will be established, providing a user-friendly platform.
Project developers, the public, and relevant stakeholders will have easy access to all necessary forms, procedures, and updates related to carbon trading in Zimbabwe.
“Recognising the enormous interest by existing project proponents and the international community in the opportunities offered by Zimbabwe, I would like to inform you that this builds on existing policy including the Carbon Credit Framework, and Statutory Instrument 150 of 2023 and its amendments,” said Dr Nyoni.
“Furthermore, this will align with forthcoming legislation including Climate Change Management Bill to be enacted before the end of the year.”
She said the programme sought to assist project proponents with existing voluntary market projects in their transition to the compliance market, while ensuring that all emissions reductions generated in Zimbabwe are of the highest environmental integrity, value, and marketability.
“Zimbabwe remains open for business, and Ministry would like to provide reassurance that all projects both new existing will benefit from an improved regulatory environment,” said Dr Nyoni.
“This will ensure that all projects make genuine, meaningful, and measurable contributions to sustainable development in line with Vision 2030, which seeks to transform Zimbabwe into an upper-middle income economy by 2030.”
For new investors, the programme will offer a set of clear, easy to use guidelines, approval processes, a implementation modalities to guarantee the security and reliability of their investment.
“The Government calls upon all project proponents, developers, investors, and members of the public to be patient during this transitional period. The process will be transparent, and participatory, with the ministry welcoming all stakeholder inputs.”
Zimbabwe is believed to be the world’s 12th largest producer of offsets, with 4,2 million credits generated from 30 registered projects last year.
The country’s largest project, encompassing a 785-kilometre stretch of forest in northern Kariba, is run in part by the South Pole, the world’s foremost seller of offset.