Zimbabwe Seeks to Craft Water-Tight Carbon Trading Laws, Setting Up of Climate Change Fund

The government is in its final lap of multi-stakeholder consultations to craft carbon credit legislation that ensures host communities benefit from the lucrative trade.

According to the proposed law, the project proponent is entitled to 70% of the proceeds, and then 30% will go to the government's environment fund. The project proponent or owner, in this case, should invest 25% of the 75% in the community where the project is being implemented.

Speaking during a stakeholder consultation and engagement meeting held in Chinhoyi Thursday, Washington Zhakata, director of Climate Change Management, representing Environment, Climate and Wildlife Minister Sithembiso Nyoni, said consultations will enhance Mashonaland West province's capacity to trade in carbon credits and strengthen climate change mitigation and adaptation.

"These engagements will enhance the province's potential in carbon trading and forest conservation projects, which hold immense potential in supporting our climate change mitigation and adaptation efforts.

"The Kariba REDD+ project, for instance, has been a beacon of progress, providing tangible benefits to the communities living within the Kariba region," said Zhakata.

"By gathering perspectives to inform the design and implementation of effective carbon trading and forest conservation mechanisms, we aim to create economic incentives for emission reductions, promote sustainable practices, and contribute to our climate change goals.

"Importantly, we must ensure that benefits from these projects are equitably distributed, with the local communities hosting the projects being treated as primary beneficiaries.

"More often than not, we have seen communities that bear the brunt of the climate crisis getting excluded from the economic opportunities presented by carbon trading and forest conservation.

"The government is committed to changing this narrative in Mashonaland West province. Through these consultations, we will work to develop frameworks that prioritise community involvement, revenue sharing, and the empowerment of local stewards of the land and natural resources," added Zhakata.

He said there is a capacity to accrue maximum economic benefits presented by carbon trading and conservation initiatives.

"We can unlock the full potential of carbon trading and forest conservation to not only mitigate climate change, but also to drive sustainable development, improve livelihoods, and foster a deep sense of ownership and and responsibility among the people of Mashonaland West province.

"This holistic approach will be a cornerstone of our climate change management efforts, ensuring that our solutions are inclusive, equitable, and truly transformative for the people we serve," said Zhakata.

Among other principles enshrined in the proposed new law is the establishment of a designated national agency to register and monitor carbon trading as well as the setting up of a dedicated Climate Change Fund to raise money to be channelled towards communities to finance climate-proof projects.

Consultations on the Bill, which began in May this year, are in their final stages after having been conducted in nine of the country's 10 provinces.

This article originally appeared on New Zimbabwe