"African Governments step up demands for share of carbon profits"

" \r\n\r\n African Governments step up demands for share of carbon profits \r\n\r\n \r\n \r\n \r\n\r\n\u00a0Zambia says it plans to regulate the sale of carbon credits and take a share of the proceeds for its own coffers, following similar moves by Zimbabwe and other African countries aimed at tightening control of the burgeoning market.\r\n\r\n\u201cThe biggest issue in this market is revenue sharing,\u201d Collins Nzovu, minister of the green economy and environment, said in a telephone interview. \u201cIf we got 50% we would be very happy, those are the figures we are looking at as well.\u201d Zambia will likely negotiate revenue-sharing deals on a case-by-case basis, added Nzovu.\r\n\r\nIn May Zimbabwe announced that it would void past deals between carbon credit program developers and local authorities and make 50% of the revenue payable to the treasury and a further 20% to local investors. Kenya is putting place rules to regulate the industry and Malawi last month said it had set up an agency to oversee the trade and marketing of the offsets.\r\n\r\nThe credits, which represent a ton of climate-warming carbon dioxide or its equivalent either removed or prevented from entering the atmosphere, are part of a rapidly growing global trade. The securities are bought by greenhouse gas producers to offset their emissions as legislation tightens with many nations acting to slow global warming.\r\n\r\nThe global market for the offsets is currently worth $2 billion and is projected to grow to as much as $1 trillion within 15 years, according to BloombergNEF.\r\n\r\nWhen Zimbabwe enacted its rules it said that many programs had been concluded with local municipalities or traditional rulers, known as chiefs, and very little revenue had come back to the communities where the programs were sited. Nzovu said the industry has followed a similar pattern in Zambia.\r\n\r\nZambia is Africa\u2019s fifth-biggest producer of carbon credits, accounting for 6% of the continent\u2019s output from its 60 projects and 0.7% of global production, RippleNami Inc., a California-based data-collection company, said in a presentation at a conference in Victoria Falls, Zimbabwe on Thursday.\r\n\r\nThe parliament will consider a climate change bill in the fourth quarter of this year and will aim to increase regulation of the industry, Nzovu said.\r\n\r\nZambia will seek to split revenue fairly between program developers and the government so that it\u2019s still attractive to invest in the country. \u201cWe are not looking at killing investors,\u201d Nzovu said.\r\n\r\n \r\n "

"African Governments step up demands for share of carbon profits"

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