Zimbabwe eyes carbon credit trading

Zimbabwe is putting the pieces in place for an ambitious leap into international carbon credit trading – this time with guaranteed accountability. News24 reports that, last year, it was rocked by a carbon credit scandal in Kariba worth more than R1.9bn, where funds from Volkswagen, Nestlé, Porsche and others were allegedly misappropriated. However, the country is rapidly setting up the institutional, technical and legal arrangements for trade under Article 6 of the Paris Agreement, said Environment, Climate & Wildlife Minister Sithembiso Nyoni. That includes a closely monitored carbon registry, and rules on measuring and verifying impact. A Climate Change Management Bill would be enacted before the end of the year, she said. Under Zimbabwe's rules, 30% of carbon credit revenue will go to the state for the first 10 years of any project. Developers must spend another quarter on community initiatives related to climate change and adaptation.