https://en.sputniknews.africa/20230818/zimbabwe-to-receive-30-of-income-from-carbon-credits-sale-1061433084.html
Zimbabwe to Receive 30% of Income From Carbon Credits Sale
Zimbabwe to Receive 30% of Income From Carbon Credits Sale
Sputnik Africa
Carbon credits are permits that allow the holder to emit a certain amount of carbon dioxide or other greenhouse gases. If a company emits less than the permit... 18.08.2023, Sputnik Africa
2023-08-18T18:45+0200
2023-08-18T18:45+0200
2023-08-18T18:45+0200
sub-saharan africa
zimbabwe
southern africa
economy
carbon credits
carbon
climate
climate change
tanzania
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Zimbabwe will keep 30% of the proceeds from carbon credit developers as an environmental levy for the first ten years of operation of their projects, the government said.The developers, while retaining 70% of the revenue, are required to invest a quarter of their profits in community projects.Of the environmental levy taken by the state, 55% will be spent on climate change mitigation and adaptation projects, while 5% will be kept in the so-called loss and damage fund to compensate for climate disasters.According to the country's Climate Change Management Department, the new framework will regulate the trade in carbon on "both a compliance market under the Paris Agreement on Climate Change and a Voluntary Market governed by independent bodies."Zimbabwe is Africa's third-largest producer of carbon credits, according to CarbonCredits, media focusing on carbon news. The Southern African nation reportedly accounts for 13% of the continent industry's revenue.The business of producing and selling carbon credits is also gaining momentum in Tanzania. In July, the government successfully attracted more than 20 companies willing to invest more than $20 billion in the sphere.One carbon credit equals one metric ton of greenhouse gas-causing carbon dioxide or its equivalent that is either eliminated or prevented from entering the atmosphere. Such credits are acquired by facilities to offset greenhouse gas emissions as stricter regulations force them to take more responsibility for slowing global warming.
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zimbabwe, southern africa, economy, carbon credits, carbon, climate, climate change, tanzania
zimbabwe, southern africa, economy, carbon credits, carbon, climate, climate change, tanzania
Zimbabwe to Receive 30% of Income From Carbon Credits Sale
Carbon credits are permits that allow the holder to emit a certain amount of carbon dioxide or other greenhouse gases. If a company emits less than the permit, it can sell the balance to other firms.
Zimbabwe will keep 30% of the proceeds from carbon credit developers as an environmental levy for the first ten years of operation of their projects, the government said.
The developers, while retaining 70% of the revenue,
are required to invest a quarter of their profits in community projects.
The changes in the law mean a relaxation of the state's regulatory policy, as a ruling passed in May required the state to take half of the revenue from carbon projects while developers were required to give the local communities over a minimum of 20%.
Of the environmental levy taken by the state, 55% will be spent on climate change mitigation and adaptation projects, while 5% will be kept in the so-called loss and damage fund to compensate for climate disasters.
According to the country's Climate Change Management Department, the new framework
will regulate the trade in carbon on "both a compliance market under the Paris Agreement on Climate Change and a Voluntary Market governed by independent bodies."
Zimbabwe is Africa's third-largest producer of carbon credits, according to CarbonCredits, media focusing on carbon news. The Southern African nation reportedly accounts for 13% of the continent industry's revenue.
The business of producing and selling carbon credits
is also gaining momentum in Tanzania. In July, the government successfully attracted more than 20 companies willing to invest more than $20 billion in the sphere.
One carbon credit equals one metric ton of greenhouse gas-causing carbon dioxide or its equivalent that is either eliminated or prevented from entering the atmosphere. Such credits are acquired by facilities to offset greenhouse gas emissions as stricter regulations force them to take more responsibility for slowing global warming.
