By Рудо Абимбола on 01.12.2023
Category: Экономика и Финансы

Tanzania secures one of Africa's largest carbon credit deals

Tanzania has inked a deal for a land-based carbon credit project, which currently stands as one of the largest carbon deals in East Africa.


This monumental project is designed to span six national parks, which cover 1.8 million hectares (4.4 million acres), as reported by BBC Africa.

The parties involved in the deal include Tanzania's National Park Management Agency, Tanapa, and Carbon Tanzania, a locally based company.

According to Carbon Tanzania, some of the revenue generated from this deal will go to Tanapa and local communities. Also, the project is intended to protect and conserve some of the nation's national parks.

"The six national parks designated for the project are Burigi-Chato, Katavi Plains, Ugalla River, Mkomazi, Gombe Stream, and Mahale Mountains," the BBC's report notes.

"The project will receive additional funding from Mohammed Enterprises Tanzania Limited, an agricultural and manufacturing company owned by prominent Tanzanian businessman Mohammed Dewji," the report added.

Alongside Kenya which has been at the forefront of the carbon credit conversation, Tanzania has also been heavily invested in the initiative.

In July, it was reported that Tanzania had about 20 corporations that wanted to invest over $20 billion (Sh46.9 trillion). This impressive figure denoted an impending revolution in its carbon credit market.

Additionally, 51% of Tanzania's land, or 48 million hectares are forests, giving it a unique opportunity to become one of the world's top carbon credit traders.

Zimbabwe is also throwing its name in the hat to become one of Africa's leading carbon credit traders. According to a pamphlet from the organizers of a state-backed conference, the Africa Voluntary Carbon Markets Forum Zimbabwe moved to register projects generating the offsets on a carbon registry at its dollar-denominated Victoria Falls Stock Exchange.​


Source of the article: Business Insider Africa

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