Information Publicity and Broadcasting Services Minister, Jenfan Muswere unveiled significant strides in the country’s efforts towards regulating carbon credit trading. Speaking during a post cabinet press briefing on Tuesday, Minister Muswere said the Carbon Credit Framework (CCF) which was initially approved by the Government in May 2023 will contribute to climate change mitigation and community resilience.
“Carbon credit trading in Zimbabwe is mainly through the Reducing Emissions from Deforestation and Forest Degradation initiatives. In addition, there are other non- forest-based carbon credit projects such as renewable energy and clean cooking technologies, which have raised resources through the sale of carbon credits. Previously, the projects were implemented without Government involvement.
“Through the adoption of the Carbon Credit Framework, the country aims to promote and regulate carbon trading; to facilitate trade in carbon credits and contribute to climate change mitigation, adaptation and community resilience and to enhance transparency and accountability in carbon credit trading. The adoption of the Carbon Credit Framework nullified all pre-existing carbon credit projects that had been developed without Government guidance and with taxes from the carbon credit trading business,” said Muswere
He said the framework nullified all pre-existing carbon credit projects developed without Government guidance. “The nation is informed that Government has promulgated the Carbon Credit Trading (General) Regulations, which provide the process for the regularisation of pre-existing projects and the approval and setting up of new projects. Through the regulations, communities are empowered to participate in the projects, while Government monitors and verifies carbon credit trading projects.
“The Ministry of Environment, Climate and Wildlife has since established an interim Designated National Authority on Carbon Credits in line with Article 6 of the Kyoto Protocol. Cabinet advises that all entities wishing to trade in carbon credits in the country should register with the Designated National Authority. The chief responsibility of the Designated National Authority is to regulate carbon trading in line with the country’s laws, policies and strategies.
“The Designated National Authority has, since August 2023, received a total of 13 applications for new carbon credit projects in forestry, regenerative agriculture, waste and energy efficiency sectors. With six of the projects having passed the assessment by the Designated National Authority, the project proponents are now in the process of developing detailed project design documents,” he said.
The Minister said a total of 8 pre-existing projects have also been subjected to similar assessment by the Designated National Authority which recommended that all the Project Design Documents be re-aligned in order to conform with SI 150 of 2023 specifications.
