GOVERNMENT has urged energy sector players to use the newly-created Zimbabwe Renewable Energy Certificate (ZimREC) which creates transparency in the renewable energy market.
The platform, a brainchild of the Africa Institute for Carbon Trading and Sustainability, in partnership with Silver Carbon, was launched in Harare on Friday last week.
According to the concept note, this initiative aims to promote the growth of renewable energy in Zimbabwe, which, if fully explored, can generate between 1 500 and 2 000 megawatts.
“The renewable energy sector in Zimbabwe has immense potential to contribute to sustainable development and decarbonisation. However, the lack of a structured market for renewable energy attributes has limited the sector's growth,” the concept note read.
“The launch of the ZimREC initiative aims to address this gap by creating a robust platform for renewable energy power generators, corporates, and other stakeholders to benefit from renewable energy certificate trading.”
Renewable energy certificates are tradable certificates that represent the environmental attributes of one megawatt-hour of renewable energy, and they provide a mechanism for companies, organisations and individuals to support renewable energy development and offset their greenhouse gas emissions.
“By implementing this platform, we are promoting accountability and transparency in the renewable energy market, which will ultimately encourage more investments in this vital sector,” Energy and Power Development permanent secretary Gloria Magombo said, at the launch of the ZimREC platform.
“To fully leverage the potential of renewable energy certificates, we must establish a robust and transparent trading system. This requires inclusion of all stakeholders, government, private sector, communities, and civil society, among others.”
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She said the support and buy-in of all stakeholders were essential for a stable and attractive market for renewable energy certificates.
“Standardised certification and verification are crucial for maintaining market confidence. Also, educating consumers, businesses and policymakers about the benefits of renewable energy certificates will drive demand and support the growth of the market,” Magombo said.
The government is actively seeking investments in renewable energy.
“The renewable energy certificates platform is designed to bridge the gap within our current carbon markets, providing a robust framework for renewable energy generators,” said Kudakwashe Mayanga, Carbon Trading and Sustainability representative.
“By doing so, we aim to enhance transparency, incentivise investment, and ultimately drive the growth of renewable energies in our country. As we all know, the transition to renewable energy is not just an environmental imperative.
He said it was an opportunity for economic growth, job creation and energy security.
“However, to realise this potential, we must create the necessary tools and frameworks that empower our stakeholders,” Manyanga said.
