Zimbabwe seeks to widen carbon trading with other countries
HARARE – Government is readying itself for a new era in carbon trade with the Ministry of Environment, Climate, and Wildlife, announcing its commitment to finalising the Article 6 Policy and Carbon Market Strategy by December 2024.
This policy will be integrated with the Climate Change Management Bill, a comprehensive legislation aimed at mitigating the effects of climate change.
Zimbabwe, like a number of other African countries, is seeking to regulate the production and sale of carbon credits to garner a greater share of the revenue generated for the government and the communities where the projects are situated. The country is the third-biggest producer of carbon credits on the continent, accounting for about an eighth of Africa’s production, RippleNami Inc., a California-based data company, said last year.
Article 6 of the Paris Agreement outlines how countries can work together voluntarily to meet their climate targets. It promotes international cooperation in combating climate change and unlocks financial assistance for developing countries. This means that, under Article 6, governments can transfer carbon credits obtained via the reduction of greenhouse gas emissions to assist one or more countries in meeting their climate commitments.
Minister of Environment Sithembiso Nyoni revealed this morning during a press briefing that Zimbabwe is on track to achieve full Article 6 readiness by the first half of 2025, demonstrating the country’s commitment to reducing its carbon footprint and transitioning to a more sustainable future and to establish Zimbabwe as one of the first parties to the Paris Agreement to achieve full Article 6 Readiness.
The Article 6 Policy and Carbon Market Strategy are integral components of Zimbabwe’s climate change mitigation efforts, enabling the country to tap into international carbon markets and access vital funding for sustainable development projects. By achieving full Article 6 readiness, Zimbabwe will be able to harness the benefits of carbon pricing, promote clean energy investments, and support sustainable land use practices.
“Achieving Article 6 readiness will allow Zimbabwe to fully engage in the international compliance market, guaranteeing the best possible financial returns, full alignment of the carbon market with national development objectives, and an improved investment climate. This will not only provide Zimbabwe with additional resources, but will consolidate the country’s position as a global leader in the fight against climate change,” Nyoni said.
The policy is being done through a Swiss consultancy company called EcoStragix. Its representative Felix Mechnig-Giordano said that, “given the UNFCCC standards, there is a process, and Zimbabwe is, very interested in not skipping ahead. The government of Zimbabwe intends to make sure that at each step, there will be communication, but also that each step yields something tangible. So that as the process progresses, at each stage, the people, the government, and project developers are actually able to physically hold, use, and benefit from a tangible institutional change.”
The government’s ambitious timeframe indicates its steadfast commitment to solving the critical issue of climate change. With this strategic decision, Zimbabwe is positioned to become a climate action leader, paving the path for future generations to live more resilient and sustainable lives.
In accordance with all UNFCCC requirements and international best practices, the Government of Zimbabwe has begun the process of building the Article 6 Implementation Framework to promote openness and accountability in carbon trading on the compliance market.
This will include:
- A full readiness and needs assessment.
- The development of an Article 6 Action Plan
- The development of Zimbabwe’s Article 6 Policy and Carbon Market Strategy.
- A state-of-the-art carbon registry.
- A detailed Operational Manual including Measurement, Reporting, and Verification Guidelines.
- A cutting-edge online portal providing project developers, the public, and investors with comprehensive access to all necessary forms and procedures.
This programme intends to help project proponents migrate from current voluntary market projects to compliance markets, while also guaranteeing that all emissions reductions achieved in Zimbabwe have the highest environmental integrity, value, and marketability.-finx
