Victoria Falls Carbon Registry operational next month

The Africa Voluntary Carbon Credits Market (AVCCM) chairman, Mr Kwanele Hlabangana has said the Victoria Falls Carbon Registry (VFCR) will be operational in August and will start accepting projects from countries in the African continent, for both new and migrating projects.

Early this month, the inaugural Africa Voluntary Carbon Credits Market Forum was held in Victoria Falls drawing participants from 16 countries and 22 speakers from the African continent.

The event was also attended by former South Africa president, Mr Jacob Zuma and delegates from Estonia, Germany, Czech Republic, United Kingdom (UK), the United States of America (USA), Russia and Belarus.

The conference was organised by AVCCM working with the Ministry of Environment, Climate, Tourism and Hospitality Industry and Finance and Economic Development.

It is a private sector-led pragmatic and responsive multi-sectoral and inclusive forum that seeks to facilitate a 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) and set the Africa Agenda 2063.

The event sought to bring together African countries to deliberate on how to monetise voluntary carbon credits for the betterment of marginalised communities that bear the adverse impact of climate change.

Objectives are to create a Pan African-focused register of carbon credits to be traded on the Victoria Falls Stock Exchange (VFEX), promote a voluntary carbon market in Victoria Falls International Financial Services Centre, to facilitate the exchange of knowledge, experiences, and opportunities related to carbon credits among different stakeholders within the Victoria Falls International Financial Service Centre, which was declared a Special Economic Zone by the Government and to create awareness among citizens of Africa about the importance and the benefits of mitigating climate change by reducing their carbon footprint.

Mr Hlabangana said the forum confirmed the validity of the Government’s decision to bring the carbon credits ‘home’ as is our nation’s rights under the United Nations Framework Convention on Climate Change (UNFCCC) Paris Agreement.

He said the Victoria Falls Carbon Exchange (VFCEX), a subsidiary of Africa Voluntary Carbon Credits Market (Private) Limited, has been created as a Pan African focused Register of Carbon Credits to be traded on the VFEX.

“Initial discussions are already underway for various African nations to join this registry on terms entirely at the discretion of the VFCR, with the recently created Victoria Falls International Financial Centre playing a key role in attracting interest in this project.

“For the avoidance of doubt, it is critically important to state that all carbon credits brought to the Victoria Falls Carbon Registry (VFCR) and the Victoria Falls Carbon Exchange (VFCEX) for trading on the Victoria Falls Stock Exchange (VFEX) will meet all the stringent requirements that include verification of their origin and authenticity, certification, clearances and all due processes before being traded in order to create a credible, transparent, and vibrant marketplace for Africa and a vision of the future for buyers worldwide,” he said.

He added that the Victoria Falls carbon Registry and Victoria Falls Carbon Exchange were created specifically to serve the interests of nations in the African continent and will only trade on its platform carbon credits coming from countries in the African continent and not any other jurisdiction, “in our effort to accelerate the participation of African nations in the climate economy for the betterment of our citizens.”

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 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 and incomes from the carbon credit will be deposited into the National Climate Fund and channelled towards funding of climate-friendly projects.

Zimbabwe is ranked number 12 among countries that trade in carbon credits in the world and the Government together with climate players is fighting to conserve forests and allow the participation of local communities and traditional leaders who have indigenous knowledge systems and local conservation strategies which have proved effective.