Chronicle Editor
Nqobile Bhebhe, Acting Business Editor in Victoria Falls
Former South Africa leader, President Jacob Zuma is in Victoria Falls for the inaugural African Voluntary Carbon Credits Market Forum.
He is expected to address delegates representing Belarus Africa Foreign Trade Association.
Minister of Environment Climate, Tourism and Hospitality Industry Nqobizitha Mangaliso Ndlovu is the guest speaker.
Malawi minister of Environment, Dr Michael Usi is in attendance.
The conference is a brainchild of Africa Voluntary Carbon Credits Market (AVCCM), a local company, is running under the theme ‘Accelerating Africa into Climate Economy.”
It is a private sector-led pragmatic, proactive and responsive multi-sectoral and inclusive forum that seeks to facilitate a robust, holistic and inclusive people-centric approach to the climate economy leading to the achievement of Zimbabwe’s National Development Strategy 1, (NDS1) goals, Zimbabwe Vision 2030, Sustainable Development Goals (SDGs)
That will set the tone for Africa Agenda 2063.
The Government recently came up with a carbon credit framework that will see it collecting 50 percent of revenue from the sale of climate mitigation securities.
Incomes from the carbon credit will be deposited into the National Climate Fund and channelled towards funding of climate-friendly projects.
Revenue to local investors has been capped at 30 percent, while foreign investors will be entitled to at least 2 percent.
The Government nullified all offset programmes and gave producers of the securities two months to comply with new rules, including handing over half of their revenue.
The global market for carbon offsets is worth roughly US$2 billion and is projected to grow to as much as US$1 trillion in 15 years, according to some estimates.
The forum ends today
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