GOVERNMENT is in the process of tightening laws controlling carbon credit trade, Environment, Climate and Wildlife minister Sithembiso Nyoni has said.
Speaking during Parliamentary public hearings on the Climate Change Bill in Chinhoyi yesterday, Nyoni said government was aiming to create economic incentives from carbon credit trade, adding that the benefits would be equitably distributed.
“We aim to create economic incentives for emission reduction, promote sustainable practices and contribute to our climate change goals,” she said.
“Importantly, we must ensure that benefits from these projects are equitably distributed with the local communities hosting the projects treated as primary beneficiaries.”
Nyoni said rural communities which bore the brunt of the climate crisis were excluded from the economic opportunities presented by carbon trading and forest conservation.
She called on authorities to unlock the full potential of carbon trading and forest conservation not only to mitigate climate change but also to drive sustainable development and improve livelihoods.
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Speaking at the same event, deputy director adaption in the climate change management department Kudzai Ndidzano said Zimbabwe should move in the direction of mainstreaming infrastructure standards by-laws that would be climate-proofed.
According to the current laws, a project proponent is entitled to 70% of the proceeds, with the remaining 30% set to 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.