Tanzania eyes a new $1 billion market

Source: BUSINESS INSIDER AFRICA

Tanzanian officials are in the process of maximizing its carbon trade market. The country is set to register carbon trade projects worth $1 billion. (Sh2.4 trillion). This would come into effect once the country is done with the registration of its planned schemes, as investment into this market will increase Tanzania’s overall revenue.

  • Tanzania to register carbon trade projects worth $1 billion, boosting national revenue.
  • Minister Jafo unveils thriving carbon trade scene, eyes significant economic contribution.
  • Tanzania initiates public awareness campaigns to highlight the potential of carbon credits in the economy.

Dr. Selamani Jafo, the Minister of State in the Vice President’s office disclosed to his fellow government officials that by the end of 2023, Tanzania received 35 applications for carbon trade projects, as seen in the Tanzanian newspaper, The Citizen.

“Carbon trade is so thriving in Tanzania that it will significantly contribute to the economy soon,” the minister said, responding to a question from a legislator.

The minister also went on to reveal that Tanzania had received Sh32 billion between 2018 and 2022 from the carbon trade projects implemented in different regions across the country.

“By December 31, 2023, we had received a total of 35 applications for different carbon credit projects. When the implementation of these projects starts, we expect to generate $1 billion, which will have a significant contribution to the national economy,” Dr. Selamani Jafo stated.

He revealed that the government has already initiated conversations with potential catalysts to the market including district commissioners and the media. These conversations are geared toward creating public awareness of the potential carbon credit has in propelling the East African nation’s economy.

“During the COP28 in Dubai, we also marketed our country for carbon trading among the companies involved in the trade. The positive responses we see today are the outcome of such global engagements,” the minister said.

Investors and business owners can trade carbon offsets and credits at the same time on what is referred to as a carbon market. This generates new market possibilities and lessens the environmental issue.

THE AUTHOR: CHINEDU OKAFOR

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