Zimbabwe launches a blockchain-based carbon credit registry system

ChainCatcher news, according to Bloomberg, the Zimbabwean government has officially launched a blockchain-based carbon credit registry system aimed at enhancing transaction transparency and rebuilding investor confidence. The country's Environment Minister Evelyn Ndlovu stated at the launch ceremony in Harare that the system, developed by Dubai's A6 Labs, allows for the entire process of carbon credit issuance, trading, and cancellation to be traceable, ensuring data integrity. Previously, the country faced operational disruptions for international developers, including the Kariba Redd+ project, due to the sudden cancellation of multiple carbon credit projects and the imposition of a 50% revenue tax in 2023.

Last week, Zimbabwe also established the Carbon Market Authority (ZCMA) to oversee project approvals. According to statistics from California-based data company RippleNami in 2023, the country's carbon credit output accounts for 12.5% of the total in Africa, ranking third on the continent. Washington Zhakata, the permanent secretary of the Environment Ministry, emphasized that developers must submit compliance applications through the zicma.org.zw platform to conduct business. Currently, other African countries such as Kenya and Zambia are also strengthening regulation in this field.