World’s second-biggest carbon credit project halted by legislative hiatus
- Media Manager
- Jul 18, 2023
- 1 min read
Bloomberg
Written By: Godfrey Marawanyika
Published: Jul 19th, 2023
The world’s second-biggest carbon-credits project has halted its operations after the government of Zimbabwe said earlier this year it will require companies to surrender half their revenue.
One of the operators of the Kariba REDD+ Project said it was forced to stop its work due to the legislative limbo that’s followed the government’s May announcement. As a result, a forestry project covering 785,000 hectares (1.94 million acres) of land is now in doubt. Kariba REDD+ is run by South Pole, the world’s leading seller of the offsets, and Carbon Green Africa.
“We did write soon after the government advised that for those projects already running we needed to regularize,” Charles Ndondo, a managing partner with Carbon Green, said by email. “We are however still waiting to get a response from the authorities and as such operations have been stopped.”
