Carbon credits key to achieve net zero emission target

By Fidelity Mhlanga

Experts see carbon financing playing a fundamental role in helping reducing emissions to reach net zero world target by 2050.

A workshop held in Harare on Tuesday by the Business Council for Sustainable Development discussed among other things the newly launched Carbon Trading Framework of Zimbabwe to the business community of Zimbabwe.

In May 2023, Zimbabwe launched the Carbon Credit Framework (CCF). The CCF for Zimbabwe provides guidance for participation in both the Voluntary and Compliance Markets.

Businesses in Zimbabwe have an opportunity to participate as project developers, end buyers, retail traders, brokers, and standards developers or implementers.

Zimbabwe currently has only one registered project on forestry, which is already operational in the Kariba National Park Corridor.

Veronica  Jakarasi, the Head of Climate Finance of Africa Enterprise Challenge Fund told the workshop that  climate change risks and impacts are becoming more complex to manage  as such there is  need for quick  emissions cuts and action to adapt to climate change to reduce  severe risks.

“Climate finance is aimed at reducing emissions and enhancing sinks of greenhouse gases and reducing the vulnerability of and maintaining and increasing the resilience of, human and ecological systems to negative climate change. These are financial resources required to cover the costs of transitioning to a low-­carbon and climate change resilient economy,” Jakarasi said.

She added that  carbon trading brings about   a new  paradigm that requires an  increase in climate finance.

“It is evident that we need to halve emissions within the next decade to become a net-zero world by 2050 and avoid climate change. We need every resource and strategy brought into play, especially those that bring much-needed funding to projects in marginalized communities.

“The ability of the carbon markets to quickly and steadily provide funding for climate solutions cannot be understated. With proper due diligence and an understanding of how the project is delivering climate benefits, carbon credits are a measurable solution that businesses can turn to in order to mitigate the effects of climate,” she added.

A carbon credit/offset is a generic term for any tradable certificate representing an action intended to compensate for the emission of carbon dioxide into the atmosphere as a result of industrial or other human activity, especially when quantified and traded as part of a commercial scheme.

Leave a Comment