• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

African countries seek common rules for tapping carbon market

2 years ago
in Business, Energy, Features, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
81
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

African countries seek common rules for tapping carbon market

African governments are trying to devise a common set of rules to govern the fast-growing market for carbon credits as they channel a large share of revenue toward state coffers.

Zimbabwe roiled the $2 billion global industry in May when it decreed that half of all proceeds from the offset sales would go to the state. Kenya is now seeking to regulate the industry and Malawi has formed an agency to do the same. Zambia may follow Zimbabwe’s lead, Collins Nzovu, Zambia’s environment minister, said Thursday.

Carbon offsets are in high demand as businesses around the world try to compensate for their greenhouse gas emissions. Climate and environment ministers in Africa are exchanging notes on how to profit from the nascent, largely unregulated but potentially lucrative market.

“There isn’t as yet an established move for convergence to say, ‘lets have a uniform framework,’” said Mangaliso Ndlovu, Zimbabwe’s environment minister, in an interview at a conference in the country’s resort town of Victoria Falls. “Going forward, I want to believe there will be greater collaboration among African ministers of environment.”

Zimbabwe is hosting the conference, which ends Friday, in a bid to make the dollar-based Victoria Falls Stock Exchange a center for carbon credit trading.

Trees suck in carbon and the most common offset projects in Africa are reforestation programs. A single carbon credit represents a ton of climate-warming carbon dioxide or its equivalent that’s either removed or prevented from entering the atmosphere. The global trade is projected to grow to as much as $1 trillion within 15 years, according to estimates from BloombergNEF.

RelatedPosts

Gold Price Falls by Most in Over a Decade as Rally Cools

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

Among Africa’s Top Performing Currencies — the Zambian Kwacha

Africa is home to the Congo Basin — the world’s second-biggest rain forest — as well as vast tracts of savanna woodland. Most offset agreements in Zambia and Zimbabwe have been concluded with local authorities and traditional leaders, known as chiefs. But the deals aren’t uniform and the governments have derived little financial benefit, a gap they now want to fix.

“The biggest issues in this market are revenue sharing,” Nzovu said. “From what has been happening in the past, we haven’t had a good share of revenue.”

Zimbabwe’s is Africa’s third-biggest producer of credits, accounting for 13% of continental output, while Zambia is fifth-largest at 6%, according to RippleNami Inc., a data collection company that made a presentation at the conference. Kenya is Africa’s largest producer of the offsets.

Nzovu said his government would be “very happy” with 50% of revenue, but will aim to negotiate agreements case-by-case. The country’s parliament is due to debate a Climate Change Bill during the fourth quarter as part of its push to regulate the industry.

While Zimbabwe’s demand for half of offsets revenue has invited criticism, Ndlovu said it could make some concessions to those who run the projects.

Nzovu and Ndlovu stressed that they don’t want to deter investors and will seek a fair split of revenue. Ndlovu said there was no intention to “punish” those running offset programs.

The Victoria Falls conference has attracted ministers from a number of African countries, as well as industry participants. Zimbabwe’s President Emmerson Mnangagwa will address it on Friday.

Source: bloomberg
Via: norvanreports
Tags: African CountriesAfrican countries seek common rules for tapping carbon marketCarbon market
No Result
View All Result

Highlights

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

A Look at the Opportunities and Challenges as North America Gears Up for the 2031 Women’s World Cup

Black Stars Nominated for National Team of the Year at 2025 CAF Awards

Parliament to Hold Special Hearings on Extractive Industries’ Impact on Jobs and National Development

Ghana’s Economy Ranked Among 14 African Economies at High Risk of Short-Term and Commercial Vulnerability

Trending

Features

Gold Price Falls by Most in Over a Decade as Rally Cools

October 22, 2025

Gold Price Falls by Most in Over a Decade as Rally Cools Gold prices fell by the...

Businesses Flock to Ethiopia’s Newly-Opened Banking Market

October 22, 2025

Among Africa’s Top Performing Currencies — the Zambian Kwacha

October 22, 2025

PIAC Urges Increased Investment in Petroleum Sector as Ghana Projected to Capture 20% of West Africa’s $80bn Oil and Gas Market by 2033

October 22, 2025

BoG Reviewing Consumer Recourse Mechanism to Address Gaps in Complaint Redress System, Says 2nd Deputy Governor

October 22, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.