Zimbabwe to Take over Carbon Credit Trade, Void Past Deals
- Foreign investors limited to 30% of income from carbon credits
- Treasury will get 50% stake in carbon credit programs
A street vendor displays Zimbabwean flags for sale in Harare, Zimbabwe.
Photographer: Waldo Swiegers/BloombergZimbabwe’s government said it will take control of the production of carbon credits in the country, stipulating that it will be entitled to half of the revenue from the securities.
The credits, which represent a ton of climate-warming carbon dioxide 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.