Zimbabwe gears up for carbon credit trading, with a 30% cut going to the state
Last year, Zimbabwe was rocked by a carbon credit scandal in Kariba worth more than R1.9 billion. Zimbabwe intends to have a system for carbon credit trading in place by the end of the year.
Last year, it was rocked by a carbon credit scandal in Kariba worth more than R1.9 billion, where money from the likes of Volkswagen, Nestlé, and Porsche was allegedly misappropriated.That includes a closely monitored carbon registry, and rules on measuring and verifying impact.Under Zimbabwe's rules, 30% of carbon credit revenue will go to the state for the first 10 years of any project.
There was"enormous interest by existing project proponents and the international community in the opportunities offered by Zimbabwe", said Nyoni. The country's biggest potential carbon credit venture is a R28.5 billion joint venture with a Dubai-based company, Blue Carbon, which wants to protect and rehabilitate forests for carbon credits.The News24 Africa Desk is supported by the Hanns Seidel Foundation. The stories produced through the Africa Desk and the opinions and statements that may be contained herein do not reflect those of the Hanns Seidel Foundation.Who we choose to trust can have a profound impact on our lives.
Sithembiso Nyoni Zimbabwe Climate Change
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