ZIMBABWE is completing the development of its national Carbon Credit Framework (CCF) which will guide players, benefit communities and protect investors who wish to establish carbon trade-related projects in the country.
Carbon credits, also known as carbon offsets, are permits that allow the owner to emit a certain amount of carbon dioxide or other greenhouse gases. One credit permits the emission of one ton of carbon dioxide or the equivalent in other greenhouse gases.
Run properly, carbon credit projects will lower overall global emissions and when developing countries generate carbon credits they may contribute to their sustainable development goals, but such positive outcomes can be guaranteed only when the integrity of the credits is ensured.
Carbon trade agreements allow the sale of carbon credits in order to reduce total emissions and several countries and territories have started carbon trading programmes.
In a speech read on his behalf by the chief director for Environment, Climate and Meteorological Services in the Ministry of Environment, Climate, Tourism and Hospitality Industry, Professor Prosper Matondi, at the sixth edition of the Africa Business Forum in Addis Ababa, Ethiopia, President Mnangagwa said the Framework establishes institutions to enhance transparency of transactions and accountability to ensure that the country gets a fair share of the proceeds from the trade.
The Business Forum is the continent’s flagship economic gathering, convened by the UNECA and African Export-Import Bank (Afreximbank) for dialogue between African business and political leaders and policymakers on realising Agenda 2063 and 2030 Agenda for Sustainable Development.
“In addition, the framework also establishes a National Carbon Registry that is aligned and will assist the UNFCCC and parties that register the carbon credits independently to keep track of all credits issued out in Zimbabwe. As a united front we can negotiate better carbon trade terms with the rest of the world to ensure that we meet the global goal of fighting against climate change that has affected the performance of our economies, and has led to loss and damage to life and property in recent times,” said President Mnangagwa.
He said the forum came in the history of climate change, where there was an impetus to examine performances towards addressing climate change.
“As Zimbabwe, we have complied with our reporting through our Nationally Determined Contributions (NDCs), our Low Emissions Development Strategy (LEDS) and a raft of policy measures. Carbon trade business has become a key additional measure to trigger finance but also assist in global emissions reduction. The outcomes so far are below expectations and we must dialogue and agree on a way forward in the implementation of carbon credits,” said President Mnangagwa.
President Mnangagwa said Africa was gifted with an abundance of natural resources in the form of forests, wildlife, water, good agricultural soils and minerals and such resources play a vital role in carbon sequestration. He said the world, and in particular, Africa faces deep climate-related challenges caused by global warming that are now 1.1 degrees, and with the present business-as-usual attitude, will be 4.2 degree by 2030.
“The capacity of Africa’s natural resources (forests and wetlands) to sink carbon is severely challenged. Carbon trading plays a central role in delivering a broad-based and cost-efficient reduction in Green House Gas (GHG) emissions and achieving the climate targets of the Paris Agreement of 2015. Africa is the World Carbon Sink and thus expected to be the centre of carbon trade because of the huge sequestration potential we have.
“There are three key issues of interest to Africa; – Africa has a sovereign right over its carbon asset, and it must be used responsibly for the benefit of Africa. As we implement carbon trade business, it also must be recognised that we need to address the high rates of forest and land degradation, that in the case of Zimbabwe stands at 262 000 hectares per year in 2022, lower than the 330 000 per year in the last baseline of 2008. We have made significant progress and can do more with carbon trade business. The future of our African continent and that of our people depends on farming, which is highly threatened with the impact of climate change, through floods, droughts, cyclones, and heavy rains that cause irreparable damage on land and assets. This makes it difficult for Africa to feed its people, and carbon trade business can help restore land to production through carbon credit trade financing,” said President Mnangagwa.
The future of the continent and children is at stake due to climate change, said President Mnangagwa and the action taken now through finding solutions such as carbon trade is vital to finding solutions through alternative financing.
He said the introduction of carbon trade has been slow, complex and misunderstood globally and in particular, Africa.
“The US$100 billion promise for climate finance to meet Africa’s needs seem to have lost momentum at COP27. Parties have cited a variety of reasons why they are unable to fulfill this promise. Sadly, the world is getting into a worse climate crisis and extreme events such as the unfortunate earthquake that killed many people in the Republic of Turkey and Syria,” said President Mnangagwa. – The Chronicle
