Harare, Zimbabwe — In a bold step toward combating climate change and fostering sustainable development, Zimbabwe has officially launched a comprehensive carbon market framework.
The initiative, unveiled at a high-profile event at the COP29 climate conference in Balu Azerbaijan, aims to position the country as a leader in carbon market development while advancing national commitments under the Paris Agreement.
The new framework, developed in collaboration with international environmental experts and local stakeholders, provides a regulated platform for the development and trade of Article 6 compliant carbon credits.
Building on the experience of other early movers like Ghana, Zimbabwe’s framework includes several first of their kind innovations including:
A blockchain based national carbon registry: designed to support seamless digital transactions within a secure digital ecosystem.
Strict environmental and social safeguards: ensuring that all carbon projects make meaningful contributions to sustainable development and do not come at the expense of the wellbeing of local communities and the natural environment.
Strengthened legal protections: securing the rights of investors and local communities.
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An improved regulatory framework: designed to provide clear guidelines for public and private sector participation, while providing all projects a clear pathway to Article 6 eligibility.
The framework introduces clear guidelines for verifying, registering, and trading carbon credits, ensuring transparency and alignment with international standards.
Clear guidelines not only guide investors through the project development process, but streamline the steps needed for end users to purchase and use Article 6 eligible credits.
In addition to requiring all project developers to increase their investment in community development, the government has pledged to allocate the majority of all carbon market proceeds to the National Climate Fund (NCF) to finance national climate mitigation and adaptation initiatives.
The framework comes at a crucial moment, paving the way for existing projects to transition to Article 6 eligibility. By generating Article 6 eligible credits, local developers will not only be able to achieve higher profits but will be able to access new markets including CORSIA and national compliance markets abroad.
With this framework, Zimbabwe joins a growing list of African nations leveraging carbon markets to address climate change while creating economic opportunities.
The country’s abundant natural resources and commitment to sustainability make it well-positioned to become a key player in the global carbon trading ecosystem. Environmentalists and economists alike have welcomed the initiative, noting its potential to balance environmental concerns with economic development.
The carbon market is expected to commence operations in 2024, with pilot projects already underway. Experts believe this could unlock millions of dollars in green investments while reinforcing Zimbabwe’s role in the fight against global climate change.
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