Story by Theophilus Chuma
HARARE-IMPLEMENTATION of the block-chain based carbon trading registry by Zimbabwe has been described by experts as a key milestone towards asserting leadership in climate governance while also pioneering digital innovation.
The Carbon Credit Trading is courting huge interest from the global market, with government receiving several enquiries since the launch of the initiative last month.
Zimbabwe’s carbon registry, which was launched last month, is one of the pivotal steps implemented by government towards climate finance in line with global standards pronounced under Article 6 of the Paris Agreement.
According to government, the initiative is already drawing huge appetite from the global market, with confirmation of a significant number of enquiries, a month after the launch of the initiative.
“After the launch of the Credit Trading platform, the market has started responding. Immediately at the launch, one project was ready to offer carbon credits to Zimbabwe. There after there are quite a number of proponents who are willing to get into the system. Some are trying to get as much information over the land based projects. We are in the process of assessing some of the projects in terms of the land area. The situation is looking quiet promising and we expect an influx once it becomes fully operational,” Director –Climate Change Department- Ministry of Environment, Climate and Wildlife, Mr Washington Zhakata said.
According to experts, the country has the potential to generate over US$200 million, from carbon credit trading annually, with the registry providing a buffer to mitigate risks of profiteering and exaggeration of quantities of carbon credits.
“The launch of Zimbabwe’s National Carbon Registry is a significant step towards tapping into the global carbon market. This initiative has substantial economic potential, as it enables the country to trade carbon credits derived from certified projects like afforestation, renewable energy, and climate-smart agriculture. With a block chain-based registry, Zimbabwe can ensure transparency, security, and trust among traders and government, making its carbon credits more attractive to international investors. Carbon credit sales can generate significant revenue for the country, with a share of proceeds going to the National Climate Fund to support national mitigation and adaptation initiatives,” Africa Institute for Carbon Trading- Chief Executive Officer, Mr Kudakwashe Manyanga said.
Climate experts note Zimbabwe can leverage on both nature-based credits such as Sustainable Agriculture, and afforestation , as well as technology-based credits such as renewable energy , to maximise the revenue bracket from carbon trading.
Proceeds from carbon credit transactions will be used to reinvest in local communities, supporting climate adaptation, and mitigation projects, benefitting communities most vulnerable to climate change.
