Zimbabwe's Government Misses Carbon Credit Opportunities, Losing $142.77 Million

The Zimbabwean government has lost 21,865,219 carbon credits valued at approximately US$142.77 million due to failure to capitalize on agreements with carbon credit project promoters. As of March 31, 2024, 30,774,099 carbon credits had been issued from 26 projects in Zimbabwe, but only 8,908,880 credits remained active.

The average price of voluntary carbon market credits was US$6.53 last year. In 2023, the government implemented Statutory Instrument 150 to regulate carbon credit trading locally. The global voluntary carbon market was valued at US$2 billion in 2022.

The Kariba REDD+ project, managed by Carbon Green Investments, generated the most credits at 29,016,364. Other notable projects include TASC Clean Cooking PoA and Manicaland Safe Water projects. Currently, 8,908,880 carbon credits are yet to be retired.