According to Bloomberg, and some other media, on May 16 the Zimbabwean government released a national carbon credit framework outlining country guidance on the compliance and voluntary carbon markets: the government will take control of the production of carbon credits, stipulating that it will be entitled to half of the revenue from the securities.
In other words, 50% of the total revenue generated from carbon credit-projects should go to the government, while foreign and local investors will be entitled to 30% and 20% respectively.
On top of that, according to Monica Mutsvangwa, the Information Minister, all past agreements signed with international agencies and organisations are now “null and void”. Direct impact for big buyers of offsets, significantly affecting companies’ sustainability plans.
To oversee all carbon trading in the country, a Carbon Trade Committee will be created within the Climate Change Management Department, an existing body from the Ministry of Environment, Climate, Tourism and Hospitality Industry’s.
Like Zimbabwe, many other African countries are keen to increase their presence in the voluntary carbon markets. See here for example the case of Tanzania, that in partnership with Norway developed its National Carbon Monitoring Centre, including a registry.
For instance, the Africa Carbon Markets Initiative (ACMI) , launched late last year, at COP27 by a group of heavy-weight sponsors and supportes that include the Global Energy Alliance for People and Planet, Sustainable Energy for All, The Rockefeller Foundation, and UN Economic Commission for Africa, and the UN Climate Change High-Level Champions a.o. Countries such as Kenya, Malawi, Gabon, Nigeria and Togo have already started collaborating with the ACMI to scale carbon credit production via voluntary carbon market activation plans, unlocking new jobs and billions in revenue.
You may also recall the pre COP27 meeting with Brazil, Congo (DRC) and Indonesia – home of about 52% of the world’s remaining tropical forests – that led to conservation activists enthusiastically refer to the the group as “OPEC for Rainforests” . And there was also the mid-2022 (temporary) suspension of the voluntary carbon credit markets in Indonesia and Papua New Guinea.
In summary, while some countries “enjoy the publicity” with debates about increasing areas producing fossil fuels, some governments of developing countries – where there are still standing forests – a “burning” 😉 wish for the carbon credits.
War of carbon credits ? Or another export commodity ?
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- Source: https://www.carboncreditmarkets.com/en/single-post/war-of-carbon-credits-or-just-another-export-commodity
