Zimbabwe Launches Carbon Market Framework Aligned ...

Zimbabwe Launches Carbon Market Framework Aligned with Paris Agreement

In a move to address climate change and attract green investments, Zimbabwe has introduced a national carbon market framework rooted in Article 6 of the Paris Agreement. The initiative, launched at COP29 in Baku, Azerbaijan, aims to establish Zimbabwe as a regional leader in carbon trading while supporting its transition to a low-carbon economy.

Article 6 of the Paris Agreement provides guidelines for cooperative approaches to reduce greenhouse gas emissions through international carbon markets. Zimbabwe’s framework aligns with these provisions, enabling the trade of carbon credits derived from certified projects such as afforestation, renewable energy, and climate-smart agriculture.

Minister of Environment, Climate, and Wildlife the Hon. Sithembiso Nyoni underscored the importance of the framework in balancing economic development with environmental sustainability. “In addition to adopting leading standards to ensure the highest level of environmental integrity, Zimbabwe is enacting strict guidelines to ensure all projects make meaningful sustainable development impacts and do not jeopardise the health and wellbeing of our communities and natural environment” she stated.

The framework is designed to ensure compliance with international standards by incorporating mechanisms for monitoring, reporting, and verification of emissions reductions. It also provides pathways for both public and private sector participation, creating opportunities for local and foreign entities to invest in carbon offset projects within Zimbabwe. To protect the interests of local communities it not only includes stringent public consultation requirements but establishes a national grievance and redress mechanism to monitor to promptly address potential conflicts and violations.

Key features of the framework include:

Alignment with International Standards: Ensures carbon credits are verifiable and eligible for trade in international markets.
Benefit Sharing: Directs a portion of revenue from carbon credit sales to the National Climate Fund (NCF) which shall fund national mitigation/adaptation initiatives and equitable climate smart development.
Cutting edge digital infrastructure: Including a blockchain based national carbon registry, transaction platform and digital application portal.

The launch has been met with optimism from environmental groups and the private sector. Stakeholders see the framework as a way to capitalize on Zimbabwe’s vast natural resources while fostering sustainable economic growth. On track to be fully operationalised by Q1 2024, the first transactions are expected to be announced shortly.

Zimbabwe joins a growing list of African countries leveraging Article 6 to access global carbon markets, positioning itself as a pioneer in the region. The framework is expected to attract significant international investment and could play a key role in restoring confidence in global carbon markets.

With this development, Zimbabwe is not only strengthening its commitment to the Paris Agreement but also creating a model for other nations seeking to merge climate action with economic opportunity.