Zimbabwe Unveils Blockchain-Based Registry for Carbon Credit Trading

Zimbabwe has introduced a blockchain-based registry that allows authorized project developers to trade the nation’s carbon credits.

This initiative is designed to improve the transparency of emissions offset trading and rebuild investor trust after the southern African country caused instability in the global carbon credit market in 2023 by unexpectedly canceling projects, taking a significant share of the proceeds, and necessitating re-registration for developers. This action impacted many project developers, including those involved in the Kariba Redd+ Project.

Eventually, authorities reversed those stipulations.

Recently, Zimbabwe has also set up the Zimbabwe Carbon Markets Authority to license and approve carbon credit initiatives within the country.

The implementation of blockchain technology in the carbon registry is a significant step forward for transparency, security, and trust among traders and the government, as stated by Environment Minister Evelyn Ndlovu.

The Zimbabwean government has partnered with Dubai-based A6 Labs to create the carbon registry, which they claim is the first blockchain-enabled system in the world. It can be accessed at zicma.org.zw.

“All transactions in the registry will be fully traceable, providing an unchangeable record of carbon credit issuance, trade, and retirement,” Ndlovu announced during the launch event in Harare on Friday. This technology “ensures the integrity of our carbon market and gives the global community confidence that the credits we trade are genuine, measurable, and impactful.”

Zimbabwe is among several African nations, including Kenya and Zambia, working to regulate and gain greater control over the industry. According to RippleNami, a California-based data firm, Zimbabwe ranked as the third-largest producer of carbon credits in Africa in 2023, accounting for approximately one-eighth of the continent’s total production.

A single carbon credit represents the removal of one ton of climate-damaging carbon dioxide or its equivalent from the atmosphere or the prevention of its emission. Organizations or nations purchase these credits to compensate for their own greenhouse gas emissions.

“Developers wishing to engage must apply through the system, and if they fulfill the requirements, they can proceed,” said Washington Zhakata, the acting permanent secretary at the environment ministry. “If not, they will not move forward.”

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