Carbon Trade Exchange (CTX) and Victoria Falls Carbon Registry have formed a partnership to establish a regional carbon credit registry in Zimbabwe, as well as a locally operated version of the CTX platform. The Victoria Falls Carbon Registry (VFCR) aims to support the migration of Zimbabwean and other African nations’ carbon credits back to Africa to be re-issued under their control. African nations wishing to participate will have the opportunity to take on a national sub-license and registry administration role within the VFCR. The registry is expected to be operational in August 2023 and will begin accepting projects as soon as staff are trained. Global Environmental Markets Group (GEM) will provide the technology and training for the registry.
The partnership was announced at the African Voluntary Carbon Credit Market (AVCCM) Forum, which received support from project developers, banks, governments, and participants from around the world. Zimbabwe’s government’s decision to bring carbon credits back under its control aligns with the UNFCCC Paris Agreement. Wayne Sharpe, CEO of Global Environmental Markets Group, stated that this partnership fulfills the future that Africa desired from the Paris agreement.
The AVCCM event showcased the passion and commitment to carbon credits in Zimbabwe and Africa. Kwanele Hlabangana, Chairman of AVCCM, expressed excitement at partnering with experienced carbon market technology leaders like GEM and CTX, as the response from projects, communities, and governments has been outstanding.
In May 2023, the Zimbabwean government announced its intention to take control of carbon credit issuance and administration in the country. This decision prompted carbon certification company Gold Standard to halt the issuance of new carbon credits from Zimbabwe. One notable carbon credit project in Zimbabwe is the Kariba forestry project, covering 785,000 hectares and managed by South Pole.
Overall, this partnership between CTX and Victoria Falls Carbon Registry aims to establish a regional carbon credit registry in Zimbabwe and promote the re-issuance of African nations’ carbon credits under their own control. The initiative has received significant support from governments, banks, and project developers, and is expected to contribute to Africa’s efforts in the global climate fight.