Online Reporter
Nqobile Bhebhe nqobile.bhebhe@chronicle .co.zw
ZIMBABWE has overcome attempts to derail its carbon market initiatives by the British government with the country emerging as one of the leading nations in Africa in establishing a national carbon registry and developing land-based carbon offset projects.
This came to light during a parliamentary session on carbon markets held in Bulawayo today where legislators heard that sanctions imposed on Zimbabwe had previously frustrated progress in the sector, including blocking critical funding for a key emissions reduction project.
Responding to questions from legislators, Acting Permanent Secretary for Environment, Climate and Wildlife, Mr Washington Zhakata, said the British Government blocked Standard Chartered Bank from funding a major project at a crucial stage of its development.
“Zimbabwe’s carbon market development suffered significant setbacks after the British Government blocked Standard Chartered Bank from funding a key emissions reduction project,” Mr Zhakata said.
He explained that sanctions imposed on Zimbabwe frustrated progress at a time when the country was positioning itself to tap into global carbon finance mechanisms.
“I can give you one example. We have got one project which was registered under the Kyoto Protocol, which was several chemicals, which is abatement of nitrous oxide.
“This project was sponsored in its development phase by Standard Bank United Kingdom.
“When the project was supposed now to take off, the British government instructed Standard Bank to stop funding that project.
“That was as early as 2009-10 and then the project just remained in abeyance.
“It could not move forward until recently, when the German government has taken over and provided equipment that was then supposed to be provided by Standard Bank.
“That’s because of the sanctions. Countries go and invest where they have got their own relations with other countries.”
Mr Zhakata said the stalled project only resumed after the German Government stepped in to provide the necessary equipment, underscoring the impact of geopolitical dynamics on climate finance flows to Zimbabwe.
Despite these setbacks, he said Zimbabwe has made significant strides and now ranks among the most advanced countries on the continent in terms of carbon market infrastructure.
“So, in terms of the development of the registry itself, Zimbabwe has been ahead of most countries in Africa. Kenya just launched its registry on the 17th of February, just two or three days ago.
“That’s when they launched their national registry.
“But for Zimbabwe now, we launched our registry last year in May, and we are getting there, our market is emerging and really the size of the projects also.
Sidumisile Mabena