Online Reporter
Ivan Zhakata
Herald Correspondent
Zimbabwe has launched its first-ever Renewable Energy Certificates (RECs) platform, a system designed to incentivise investments in clean energy and reduce the country’s reliance on fossil fuels.
The initiative, spearheaded by the Government in partnership with the Africa Institute for Carbon Trading and Sustainability (AICTS) and Silver Carbon, aims to increase the share of renewable energy in the national power mix to 26,5 percent by 2030.
Speaking on behalf of the Secretary for Energy and Power Development, Dr Gloria Magombo, chief energy officer Mr Malan Manyundo said RECs are key in driving Zimbabwe’s green transition.
“This aims to increase the share of renewable energy in our energy mix to achieve 26,5 percent by 2030. Achieving this goal requires innovative solutions, and the Renewable Energy Certificates are a vital tool in this endeavour.
“Renewable energy sources such as solar, wind, and hydroelectric power offer a cleaner and more sustainable alternative.”
Mr Manyundo said the Government has introduced several incentives, including the removal of duties on imported power plant equipment and tax benefits, to attract more investment in the sector.
The newly launched Zimbabwe Renewable Energy Certificates platform will allow renewable energy producers to earn tradeable certificates that can be sold to businesses and individuals looking to offset their carbon footprints.
The institute’s chief executive officer, Mr Kuda Manyanga, said the launch is a significant milestone in Zimbabwe’s sustainability journey.
“The RECs platform is designed to bridge the gap within our current carbon markets, providing a robust framework for renewable energy generators,” he said.
“By doing so, we aim to enhance transparency, incentivise investments, and ultimately drive the growth of renewable energy in our country.”
Mr Manyanga said RECs would not only contribute to environmental protection but also create new revenue streams for energy producers, making renewable projects more financially viable.
“Tomorrow, we may be in the business of producing electricity, but from our angle, we are contributing to the global cause of addressing climate change impacts,” he said.
Silver Carbon managing director, Mr Owen Mutero explained how the certificates will benefit renewable energy producers.
“For every megawatt-hour of renewable energy produced, the generator qualifies for a Renewable Energy Certificate. This provides an additional revenue stream apart from selling or consuming power,” Mr Mutero said.
He said by monetising clean energy production, the RECs system would encourage more investments in the sector, leading to greater energy security and diversification.
“In the event of a drought like last year, we reduce our reliance on a single power source. Solar, for instance, becomes a crucial alternative,” Mr Mutero said.
The Government has opened the power sector to more players, allowing large energy users to build power plants and permitting independent power producers to utilise national grid infrastructure.
“The RECs system will create a financial incentive for renewable energy developers to invest in new projects, thereby driving growth in the sector.
“As we launch Zimbabwe’s RECs platform today, I urge all stakeholders to embrace this initiative. Let us work collaboratively to ensure that this platform delivers its benefits and drives the growth of renewable energy in our economy,” he said.
Peter Tanyanyiwa