The government of Zimbabwe recently gazetted Statutory Instrument (SI) 150 of 2023. SI 150 of 2023 is a set of regulations meant to streamline the management and control of carbon credit trading projects in Zimbabwe. Understandably, this may all sound technical. That is why we’ll talk about the finer details in this article so that it all makes sense. SI 150 of 2023 aims to ensure that local communities reap the rewards from carbon credit projects.
The Climate Action Agenda In Zimbabwe
Climate change has been topical over the last several years. There, of course, have been debates over the subject. Some say climate change is a hoax. Then, some are sure it is a real issue that must be addressed. We are not going to go down that rabbit. What is apparent, though, is that the climate has been changing. Here in Zimbabwe, this has been so evident in many ways.
Thus, just like many other nations, Zimbabwe is proactively pursuing climate action initiatives. The overall aim is to ensure climate solutions benefit communities. That is why community engagement is a priority element in climate action efforts in Zimbabwe—There are 150 of 2023 results from commitments to environmental stewardship and sustainability. The vision is to mitigate climate change actively.
Overview Of SI 150 Of 2023 – Carbon Credits Trading (General Regulations, 2023)
Some terminologies here: climate change may be new to some. I will not exhaust all of them, but I will point out some that will help you make sense of this SI. Here are some of them:
This change in climate is attributed directly or indirectly to human activity that alters the composition of the global atmosphere, and that is in addition to natural climate variability observed over comparable periods.
This tradable certificate represents one metric ton of carbon dioxide (CO2) equivalent that is either prevented from being emitted into the atmosphere or removed due to climate change mitigation actions.
Carbon Credit Trading
This refers to the buying and selling of verified or certified carbon credits by the recognized international carbon standards.
Greenhouse Gas (GHG)
This refers to any of the gaseous constituents of the atmosphere, both natural and anthropogenic, that absorb and emit radiation at specific wavelengths within the spectrum of thermal infrared radiation emitted by the earth. These include carbon dioxide, methane, nitrous oxide, hydrofluorocarbons, hydrochlorofluorocarbons, chlorofluorocarbons, perfluorocarbons, sulfur hexafluoride, and nitrogen trifluoride.
What Is The Objective SI 150 Of 2023
The objective of SI 150 of 2023 is to provide for the control and management of carbon credits trading projects. The SI provides the legal framework necessary for ensuring sustainable development and to account for the country’s contribution towards global efforts to reduce or remove greenhouse gas emissions. SI 150 of 2023 shall apply to all carbon credit trading projects in Zimbabwe.
Who Will Oversee The Adherence To These Regulations?
A designated National Authority shall be set up within the Climate Change Management department. Some of its roles will include providing technical advice to the respective Minister (Ministry of Environment, Climate, Tourism, and Hospitality Industry), preparing reports, monitoring and evaluation, tracking, and several other roles. The respective Minister will set up a Carbon Credit Trading Committee. It will comprise climate change experts, carbon markets experts, environmental experts, financial experts, legal experts, and any other necessary expert. The Carbon Credit Trading Committee must meet quarterly or at any additional essential time.
Brief On Mandatory Application And Registration
If you wish to engage in carbon credit trading, you have to apply and be registered. You will have to submit your application to the designated National Authority. That application will include a Letter of Intent, a Project Idea Note (there is a prescribed template), and written proof of any arrangements or consultations with any appropriate authority to enable the project to be realized. You will also be required to pay a Participation in Carbon Trading Application Fee.
This has just been an overview of the SI 150 of 2023. You would do well to get a hold of the complete document to imbibe all the critical finer details. You can find it here. If you need more help, you can also engage the Climate Change Management department.