The Zimbabwean government said Thursday it has embarked on the process of developing Article 6 of the Paris Agreement implementation framework to ensure transparency and accountability in carbon trading on the compliance market, in line with the United Nations Framework Convention on Climate Change (UNFCCC) requirements.
Addressing a press conference in Harare, Zimbabwe's capital, Sithembiso Nyoni, minister of environment, climate, and wildlife, said Zimbabwe hoped to attain Article 6 readiness in the first half of next year.
"The government looks forward to finalizing the Article 6 Policy and Carbon Market Strategy by December 2024, in time for integrating with the Climate Change Management Bill. Zimbabwe hopes to attain full Article 6 readiness in the first half of 2025," Nyoni said.
Article 6 of the Paris Agreement sets out how countries can pursue voluntary cooperation to reach their climate targets. It enables international cooperation through market-based mechanisms to tackle climate change and unlock financial support for developing countries.
Also, Article 6 requires host countries to put in place necessary institutions, technical and legal arrangements to ensure the integrity of emissions reductions, and accountability for all mitigation outcomes generated within their jurisdiction.
Achieving Article 6 readiness will allow Zimbabwe to fully engage in the international compliance market, guarantee the best possible financial returns, fully align the carbon market with national development objectives, and have an improved investment climate, said the minister.
"This will not only provide Zimbabwe with additional resources but will consolidate the country's position as a global leader in the fight against climate change," she said.
According to Nyoni, there has been enormous interest by existing project proponents and the international community in carbon market opportunities offered by Zimbabwe.
She reassured both new and existing projects of an improved regulatory environment, once Zimbabwe achieves Article 6 readiness.
Editor:Leo
