The Government of Mozambique, in partnership with the African Carbon Markets Initiative (ACMI) and with financial support from Belgium, held a launch event last week to initiate a consultation process for the elaboration of a transparent and comprehensive regulatory framework for the promotion of carbon credit projects in the country.
The event was organised by the recently created Interministerial Working Group on Carbon Markets and brought together representatives from the Government, private sector, financial institutions, civil society and development partners.
According to a news published this Monday (14), on the Further Africa portal, carbon markets are rapidly emerging as a powerful tool to mobilise financial resources to catalyse investments in low-carbon and climate-resilient projects and initiatives. In Mozambique, the last two years have seen a rapid increase in the issuance of carbon credits in various sectors, including renewable energy and forestry, improved cook cookers and clean water supply systems.
According to ACMI’s initial estimates, Mozambique has a technical potential to produce 85 to 95 million carbon credits per year by 2030, with the greatest potential in the forestry and renewable energy sectors. “The latter includes critical flagship projects, such as the Mphanda Nkuwa hydroelectric project, which has the potential to generate between five and seven million carbon credits per year when operational,” the portal said.
In this sense, with the development of a transparent regulatory framework, Mozambique aims to position itself as a key player in a rapidly growing market.