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Zimbabwe to begin regulation of carbon trade— Environment Minister

Published

2 years ago

May 23, 2023

Zimbabwe’s environment minister, Mangaliso Ndlovu has revealed that the government will closely regulate voluntary carbon offset trading in a bid to curb greenwashing.

The government believes that companies operating carbon credit projects in the country were largely unregulated as they were only registered with local councils and traditional community leaders. The situation has led to a lack of reliable data on the country’s carbon market.

Ndlovu said it would take 50% of all revenue from carbon projects, with foreign investors limited to 30% and the balance of 20% going to local communities.

“We are determined to make sure that climate finance resources, meant to empower the country, accrue to the most deserving. We do not want instances of climate washing,” Ndlovu said during the launch of the new carbon market policy.

Meanwhile, the announcement has led to a reaction from Carbon Green Africa (CGA), a Zimbabwean company which has partnered with Switzerland’s South Pole in the 785,000-hectare Kariba forest protection project which has sold 23 million carbon credits since 2011.

The corporation stated that it was waiting to see how the new policy would affect ongoing projects and hoped the carbon revenue restrictions would inspire increased community involvement in conservation initiatives.

“We need to see the money going to the respective communities so they don’t continue decimating forests if they understand that they will be deriving benefits from them,” Ndondo said.

The Zimbabwean government last week hinted at plans to take control of the production of carbon credits in the country, stipulating that it would be entitled to half of the revenue from the securities.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”