Harare, Zimbabwe — Zimbabwe is poised to achieve full readiness under Article 6 of the Paris Agreement by the first quarter of 2024, paving the way for the country to fully benefit from participation in international carbon markets.
The announcement comes as Zimbabwe intensifies its efforts to establish itself as a leader in innovative climate action and unlock new funding streams for sustainable development.
Article 6 of the Paris Agreement provides mechanisms for countries to cooperate on reducing greenhouse gas emissions through carbon trading and non-market approaches.
Launched in July 2024, Zimbabwe’s ambitious readiness program has involved developing a comprehensive legal framework alongside the development of technical and regulatory capacity. Achieving Article 6 readiness will allow Zimbabwean to generate and trade carbon credits in line with internationally recognised standards.
At a recent press conference at the COP29 Climate Summit in Baku, Azerbaijan, Minister of Environment, Climate and Wildlife the Hon. Sithembiso Nyoni highlighted the significance of this milestone, stating that Zimbabwe’s forthcoming Carbon Market framework will firmly position the country as the destination of choice for sustainable investment.
Anchored by the launch of Zimbabwe’s carbon market framework, the readiness process has included the development of:
An improved regulatory framework: Designed to provide clear guidelines for public and private sector participation.
Carbon Credit Verification procedures: Implementing robust monitoring, reporting, and verification (MRV) systems to ensure transparency and accountability.
National capacity: Empowering the newly established Zimbabwe Carbon Markets Authority (ZiCMA) and training local stakeholders to manage and execute carbon projects in compliance with international standards of best practice.
Backed by cutting edge digital infrastructure, Zimbabwe’s new Carbon Market Framework ensures that all carbon projects in Zimbabwe will be able to benefit from the opportunities offered by Article 6 including higher market prices and expanded legal protections.
Set to go live Q1 2024, Zimbabwe’s national carbon registry and first-of-its-kind online application portal will streamline the project development process and open new opportunities for carbon trading.
Based on blockchain technology, the Zimbabwe Carbon Registry (ZCR) will be the first national carbon registry to allow the private sector to engage in eligible transactions within a single secure digital ecosystem.
Zimbabwe has already initiated pilot projects in key sectors such as forestry, renewable energy, and agriculture. These projects are expected to generate a significant volume of carbon credits that will be tradeable under Article 6 in early 2024.
The achievement of Article 6 readiness positions Zimbabwe as a regional leader in leveraging carbon markets for climate and economic benefits. It also demonstrates the country’s commitment to its Nationally Determined Contributions (NDCs) under the Paris Agreement, which include ambitious targets for reducing emissions and enhancing resilience to climate change.
Once operational, Zimbabwe’s participation in global carbon markets is expected to attract significant international investment, supporting projects that align with both environmental conservation and economic development.
With Q1 2023 fast approaching, Zimbabwe’s progress is being closely watched by stakeholders across Africa and beyond as a potential model for countries seeking to harness the benefits of Article 6.
For comments, Feedback and Opinions do get in touch with our editor on WhatsApp: +44 7949 297606.
