Carbon Trade eXchange (CTX) – the world’s first digital carbon offsetting exchange for voluntary carbon credit trading, announced that the 2 million Russian carbon credits will not be issued in Zimbabwe. The Russian credits were announced earlier in July by South Africa’s former president Jacob Zuma, saying they will be added to the Africa Voluntary Carbon Credits Market on behalf of Belarus.
The Carbon Trade eXchange which oversees the newly formed African carbon credit market, explained that the 2 million credits have not been accepted by the Registry operators under advice from the market experts at the company.
CTX also said that the “gift” from Belarus, presented by the former South African President on July 7th, 2023 was without the knowledge or consent of the Carbon operators or the Zimbabwean Government. According to the company, Mr Zuma was unaware that the credits are outside the remit of the Registry or Exchange license.
“It is with the greatest of respect that we are unable to accept this offer, which whilst being made in good faith, was without ours or the Zimbabwe Governments approval. It is to avoid these types of challenges we have partnered with Carbon market experts like Carbon Trade eXchange (CTX) and Global Environmental Markets Ltd,” also commented Kwanele Hlabangana, Chairman and Co-Founder of Africa Voluntary Carbon Credits Market (AVCCM).
The Carbon Trade Exchange and Victoria Falls Carbon Registry announced an agreement last week to work together to establish a regional (Pan African) registry owned and operated in Zimbabwe.
They will support the migration of Zimbabwe and other African nations’ projects and carbon credits back to Africa to be re-issued under their control. The government of Zimbabwe released in May this year that it wants to take control of the production of the country’s carbon credits and will be entitled to 50% of their revenues, as Bloomberg reported.
According to the Victoria Falls Carbon Registry (VFCR), the migration of Zimbabwe and other African nations’ projects and carbon credits back to Africa will be supported with the exception of Carbon Allowances, ERUs, or any European or other foreign project credits outside Africa. Therefore, the Belarusian allowances do not qualify by default.
“Any migrations will be done professionally via the Registries housing existing Voluntary Carbon Credits, in a similar manner to CDM CERs being migrated now to various Voluntary Credit Standards and Registries,” explained Wayne Sharpe, CEO and Founder of Carbon Trade eXchange (CTX).