Zimbabwe has attracted criticism from some quarters after signing a $1.5 billion deal with Dubai-based company Blue Carbon to create carbon credits from forest protection and rehabilitation projects.
According to the deal, Blue Carbon will fund initiatives to sequester carbon in Zimbabwe’s forests, generating carbon credits that can be traded on global markets. Blue Carbon intends to utilise the specified landmass in Zimbabwe for implementing forest protection and rehabilitation projects. These projects involve activities such as reforestation, forest conservation, and sustainable land management practices. By investing in these initiatives, Blue Carbon aims to sequester carbon dioxide from the atmosphere, which in turn generates carbon credits.
Sequestering Carbon:
Carbon sequestration is the process of capturing and storing carbon dioxide (CO2) to reduce greenhouse gas concentrations and combat climate change. Blue Carbon projects achieve this by planting trees, restoring forests, and implementing sustainable land management practices. These actions allow vegetation to absorb CO2 and store carbon in trees, plants, soil, and ecosystems, effectively removing it from the atmosphere and offsetting carbon emissions.
President Emmerson Mnangagwa said that Blue Carbon will engage in reforestation and forest conservation projects. At the signing ceremony of their carbon credit deal, Mnangagwa said that:
The project is anticipated to close the Government of Zimbabwe’s financing gap to the tune of $200 million while enabling the country to generate high-quality carbon credits for use on the international carbon market.
Authorities say the agreement is a significant boost for Zimbabwe, which recently amended its carbon laws to provide better incentives for project developers.
The partnership with Zimbabwe will encompass an expansive area of over 7 million hectares (equivalent to 150,000 square miles). This vast landmass is comparable to combining the territories of Mashonaland Central Province, Manicaland Province, Mashonaland East Province, Matabeleland North Province, and Midlands Province. Zimbabwe has a total land area of approximately 390,757 square kilometres or 150,872 square miles.
The company has previously made similar agreements with Liberia, Zambia, and Tanzania, covering a total of 24.5 million hectares of land in Africa, CarbonCredits.com reported.
Former Zimbabwean Tourism Minister, Walter Mzembi, stated that Carbon Credits are valuable, akin to gold, but raised concerns about the allocation of land to Blue Carbon. Mzembi questioned whether it is fair for privileged individuals and connected families to claim national heritage, such as forests, for personal gain. He said:
Carbon Credits are the new gold but Zimbabweans please let’s wake up, is it right even in our slumber for individuals & privileged and connected families to appropriate a National Heritage like Forests to redeem them for self? At National Economic Planning level we agreed 20 % of Zim land mass would be protected parks, held in trust for us and future generations. Was cashing them out for individuals part of the plan and Vision? Mortgaging 7.5 million hectares of Zimbabwe ‘ s total 39million hectares to a Foreign Government through a carbon credit deal that avoids Parliamentary scrutiny is suspiciously selling out an entire chunk of a Country How different is this from the Rudd Concession?
Some believe the Blue Carbon deal benefits Zimbabwe, with projected annual earnings of $200 million from Carbon Credits. They propose expanding the scheme to include rural forest belts and grazing lands, encouraging farmers to participate through land dedication and green farming. They assert that Carbon Credits trading is comparable to trading other commodities and does not compromise national sovereignty.
Carbon Credits:
Carbon credits are like points that individuals or companies can earn for doing things that help reduce the amount of pollution they create. Each credit represents a specific amount of pollution, usually measured in tons of carbon dioxide. By earning these credits, people can show that they are taking steps to protect the environment. These credits can be bought, sold, or traded with others who need them to offset their own pollution. It’s a way of encouraging and rewarding actions that help combat climate change.
Blue Carbon benefits from carbon sequestration projects in Zimbabwe by earning and selling carbon credits, which represent reduced emissions. This generates financial returns as the value of credits rises with increasing demand, allowing Blue Carbon to profit from their investments in carbon sequestration.
According to DGB, a leading carbon project developer, the demand for credits globally is expected to increase significantly by 2035, with prices rising to a central estimate of $80–$150 per tonne by 2035.
Source Pindula News
