Zimbabwe to retain 30% of carbon credit revenue

In newly published regulations, Zimbabwe has announced that carbon credit developers will be permitted to retain up to 70% of the proceeds from their projects during the initial ten years, while 30% will be allocated as an environmental levy.

In May, Environment Minister Mangaliso Ndlovu took action against what he termed “climate washing,” revealing that the government would claim 50% of the revenue from carbon projects, with an additional 20% directed towards communities.

Back then, the government emphasized that carbon credit projects, largely unregulated, must be registered with authorities within a span of two months.

In the global voluntary carbon offset market, which amounts to $2 billion, companies purchase credits from projects that reduce emissions, such as renewable energy or tree planting, to counterbalance their own emissions.

“All existing carbon credit projects deemed null and void shall be given 60 days… to comply with the provisions,” the new regulations document said.

“From the eleventh year of the project, the share of proceeds shall be renegotiated taking into account the prevailing circumstances,” it added.

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