Online Reporter
Business Reporter
ZIMBABWE has established a carbon markets authority, a pivotal body mandated to regulate and facilitate carbon trading activities within the country.
The Zimbabwe Carbon Market Authority (ZiCMA) marks a significant step in Zimbabwe’s commitment to the Paris Agreement and its efforts to attract investment in climate change mitigation projects.
According to newly released regulations, ZiCMA will serve as Zimbabwe’s Designated National Authority under Article 6 of the Paris Agreement.
Its extensive responsibilities include the critical task of considering and approving carbon projects, as well as issuing the necessary letters of approval, authorisation, and registration for entities involved in carbon trading.
The authority will also maintain a comprehensive registry of all carbon projects and participating entities, ensuring adherence to mandatory application procedures. A key function of ZiCMA will be the authorization of carbon credits and projects, aligning with its role as the national authority.
Furthermore, ZiCMA is tasked with the crucial responsibility of monitoring and enforcing the implementation of regulations concerning carbon projects, cooperative approaches, and the eligibility and compliance of project proponents, as outlined in the Paris Agreement.
The regulations emphasize transparency and accountability, requiring ZiCMA to keep the minister responsible for climate change informed on all technical aspects and developments within the carbon trading and markets sector.
To maintain the integrity of the carbon market, ZiCMA will also apply corresponding adjustments to prevent double-counting of emissions reductions.
