Zimbabwe’s environment minister has stated that strict regulation of voluntary carbon offset trading will be implemented in order to avoid “greenwashing” and ensure local community benefits.
Companies can offset their emissions by purchasing credits from emission-reduction projects such as renewable energy or tree planting, which collectively account for the $2 billion global voluntary carbon offset market.
There is no reliable data on the size of Zimbabwe’s carbon market because organizations operating carbon credit projects in the country were largely unregulated, having only registered with local councils and traditional community leaders, according to Zimbabwe.
The government expects all carbon projects to be officially registered within the next two months.
Mangaliso Ndlovu, Zimbabwe’s environment and climate minister, announced late Monday that the government would retain 50% of the proceeds from carbon projects, limit foreign investors to 30%, and give the remaining 20% to local communities.
We will not rest until we know that the climate finance resources made available to the country benefit those who need them the most. “We do not want instances of climate washing,” Ndlovu said during the launch of the new carbon market policy.
Carbon Green Africa (CGA), a Zimbabwean firm, is waiting to see how the new policy affects existing projects such as the 785,000-hectare Kariba forest protection project, which has sold 23 million carbon credits since 2011.
CGA managing partner Charles Ndondo is optimistic that the carbon revenue rules will encourage more local participation in conservation efforts.
Ndondo argued that “we need to see the money going to the respective communities” to deter further forest destruction
