Rutendo Nyeve, Victoria Falls Reporter
The Government is launching a fund to help communities recover from the harsh impacts of climate change. This fund will be supported by money gained from trading carbon credits.
Led by the Ministry of Environment, Climate and Wildlife, the initiative aims to assist both rural and urban areas that have seen their infrastructure and livelihoods damaged by extreme weather events like floods, droughts, and storms.
This week, the Ministry is hosting a workshop for all 92 local authorities. The goal is to build their capacity and help them negotiate with carbon project developers effectively.
Under this plan, the Government will take 30% of the money from carbon credits generated by development projects. The remaining funds will be used for community development. Officials believe this method will provide direct financial support to those most impacted by climate change.
In an interview, Dr. Washington Zhakata, the Ministry’s Chief Director, called the fund vital for communities recovering from disasters. He explained that local authorities can apply for resources to help rebuild infrastructure and restore livelihoods.
The proposed fund is not just about recovery; it will also help communities become more resilient and promote environmental care. Dr. Zhakata highlighted the importance of empowering local authorities to engage with carbon trading. “We want them to attract investors and engage buyers interested in carbon credits,” he said.
The idea of a loss and damage fund became well-known during the 2022 United Nations Climate Change Conference (COP27), where countries agreed on creating financial support for vulnerable nations. Zimbabwe’s prompt action to set up its own fund could make it a leader in Africa for climate financing.
Globally, carbon credit trading has turned into a multi-billion-dollar market, allowing companies to offset their emissions by funding environmental projects. For Zimbabwe, with its rich forests and renewable energy potential, this could be a chance to improve local livelihoods while taking care of the environment.
Carbon trading is already taking place in areas like Mashonaland Central and Matabeleland South. However, Dr. Zhakata pointed out that past agreements between project developers and local authorities often fell short of benefiting communities. “We aim to strengthen these agreements so communities can gain more,” he added.
This Thursday and Friday’s workshop will gather over 90 local authorities to talk about carbon trading, attract investors, and learn about financing models. By ensuring these councils are informed and ready, the Government hopes carbon credit revenues can become a reliable lifeline for communities dealing with climate change.
Source link
Local News,National News,Top Stories
