Online Reporter
Sifelani Tsiko
Fact Check Editor
On May 9 this year Zimbabwe made a giant leap towards a greener and more sustainable future by unveiling New Carbon Market Regulations, the Zimbabwe Carbon Registry and Digital Application Platform — an all in one platform that aims to offset carbon emissions by investing in clean energy projects and initiatives. Broadly, this platform is designed to simplify the management of climate projects by providing a single, easy-to-use interface that covers every stage of the process — from pre-registration to credit issuance, transfers and final retirement.
When did Zimbabwe launch its all in one carbon platform?
The Zimbabwe Carbon Registry and Digital Application Platform was launched on May 9 this year by the Minister of Environment, Climate and Wildlife Dr Evelyn Ndlovu.
What is the rationale behind the establishment of this all in one carbon platform?
Climate change is the main reason behind the establishment of this carbon platform. Zimbabwe and most other countries across the world now acknowledge the threat to ecosystems and climatic conditions stemming from the release of greenhouse gases (GHGs) into the upper atmosphere. Environmental experts say most of these releases are produced by human activities such as emissions from the burning of fossil fuels. The threat of climate change has direct physical effects of climate change on human activities, such as scarcity of inputs due to decreased agricultural production, adverse weather conditions disrupting pipelines, reduced water supply due to droughts, or destruction of fixed assets due to flooding. To fulfil its global obligations on climate change action, Zimbabwe has adopted a battery of measures in response to the threat of climate change. Climate change remains the biggest challenge facing Zimbabwe’s climate sensitive economy which was prone to droughts and floods. Tropical cyclones and severe thunderstorms have been the most destructive in Southern Africa, posing the greatest threat to infrastructure and displacing millions of people. The weather related disasters have led to huge economic losses in the region. In 2019, Cyclone Idai cost Zimbabwe US$274 million and Mozambique US$3 billion, 1.6 percent and 19.6 percent of their respective GDPs that year. Zimbabwe and most Southern African countries urgently need adaptation measures and that means among other issues, looking for climate finance and developing carbon markets to tap on project financing.
What is the importance of carbon market regulations?
Regulations provide a solid foundation for the creation, trade, and verification of carbon credits, ensuring that Zimbabwe’s carbon market operates with integrity, transparency, and accountability, the government says. “By establishing clear and robust guidelines, we are not only ensuring compliance with global climate frameworks but also creating a dynamic, sustainable market that will drive investment, foster innovation, and contribute to the global effort to reduce emissions,” Minister Ndlovu says. These guidelines will assist many of the project developers to transition their projects from the voluntary market towards the compliance market.
What is the role of the Zimbabwe Carbon Registry?
The registry will aim to provide a robust and transparent mechanism for tracking carbon credits, ensuring that Zimbabwe’s carbon credits are verifiable, tradable and meet the rigorous standards set by international climate frameworks.
What are carbon credits?
In simple terms, tradable credits are used to counterbalance or offset greenhouse gas emissions. Climate experts say a carbon credit represents one metric ton of carbon dioxide equivalent (tCO2e) removed from or not released into the atmosphere and attributable to a carbon offset project activity. An independent carbon crediting program (carbon registry) verifies reductions or removals.
How does the carbon credit system work?
Experts say if a company does not go above its cap, then it will have excess carbon credits which they can sell in the compliance carbon market regulated by the government while if it goes beyond a certain limit, it can turn to the carbon market to buy the required carbon credits. Those entities which over-emit buy carbon credits from under-emitters. There are two types of markets — a regulated market guided by a cap — and — trade limits at the regional and state levels and another — voluntary market where businesses and individuals buy credits on their own to offset their carbon emissions.
Why do fundamental principles of integrity matter?
Programmes must ensure that carbon credits make a genuine impact on emissions and this includes ensuring that they fund reductions or removals. Climate experts say they must be permanent, measured robustly and conservatively and verified by independent experts. High integrity credits from projects with robust social and environmental safeguards can deliver positive sustainable development impacts. This includes ensuring that projects meet high standards of governance to ensure the overall quality of carbon credits.
What are some of the examples of initiatives that can reduce or remove carbon emissions?
- Renewable energy projects,
- Improving energy efficiency,
- Carbon and methane capture and sequestration,
- Land use and reforestation,
- Renewable energy projects,
- Energy efficiency improvements
- Carbon and methane capture
- Land use and reforestation projects
What are some of the benefits of the carbon registry?
The platform can empower Zimbabweans at all levels to participate in carbon offset projects generating jobs, sustainable livelihoods, and community-based climate initiatives. Proceeds from carbon credit transactions will be used to reinvest in local communities, supporting climate adaptation and mitigation projects. Communities that are most vulnerable to the impacts of climate change can benefit immensely. In addition, this system will allow Zimbabweans to directly benefit from their participation in the global carbon economy. Various global initiatives toward greening the global economy and decoupling resource use from economic growth present new opportunities for Zimbabwe.
Which global body is responsible for overseeing carbon registries?
The Secretariat of the United Nations Climate Change Framework Convention on Climate Change (UNFCCC) is responsible for maintaining a global registry or clearing house for many types of carbon units, various regulatory bodies at the national and regional level oversee and monitor transactions in this market. Under the clean development mechanism (CDM) of the Kyoto Protocol, industrialized nations are allowed to meet part of their carbon emission reduction commitments by carrying out reforestation and clean energy projects in developing countries.
What are the current trends in Africa?
Forestry experts say Africa possesses vast ecosystems crucial for carbon storage. The Congo forests, dubbed the world’s second long can absorb about 1,2 billion tons of CO2 annually. Most African countries are making steady progress in the adoption of in – country carbon markets and optimism abounds that the African carbon market is starting to take off. According to an African Carbon Asset Development report, there are 234 projects either registered or under validation in Africa. It estimates that more than US$4,5 billion has been invested in registered African Clean Development Mechanism (CDM) projects to date.
What are some of the challenges facing the Africa carbon trading environment?
Experts say the timely issuance of credits from already registered projects has been lagging in Africa. They attribute this to capacity limitations and financing gaps to get CDM projects to financial close. In addition, carbon trading on the continent faces challenges related to infrastructure, market volatility, weak enforcement and limited standardization. These challenges hinder the development of robust and equitable carbon markets that can effectively contribute to emissions reduction and socioeconomic development in the continent.
Conclusion
The launch of this all in one platform is a testament to the country’s commitment to safeguarding the environment and advancing Zimbabwe’s role in the global climate movement.
“The launch . . . is the beginning of a new chapter for Zimbabwe. As we continue to implement and expand the Zimbabwe Carbon Registry and Digital Application Platform, we will be steadfast in our efforts to make Zimbabwe a beacon of environmental leadership. We will continue to engage with the global community, secure investment, and ensure that the benefits of this platform are felt by all Zimbabweans,” said Minister Ndlovu.
