The Mozambican government, through the Ministry of Land and Environment (MTA), has announced its intention to develop a comprehensive regulatory framework to support carbon capture markets in the country.
The information was released on Thursday 28 September in a statement, quoting the Minister of Land and Environment, Ivete Maibaze.
Mozambique recently joined the African Carbon Markets Initiative (ACMI), a project supported by the Global Energy Alliance for People and the Planet, the Rockefeller Foundation and Sustainable Energy for All, with the intention of supporting governments in developing public and private programmes to boost carbon markets on the continent.
To this end, with the support and expertise of ACMI, combined with significant support from Belgium, Sweden and the Tony Blair Institute, the Mozambican Executive has begun a process of drawing up and implementing a Carbon Market Activation Plan, which will culminate in the formulation of comprehensive regulations for the sector. This work, according to the MTA, is being led by an inter-ministerial working team, coordinated by the Ministry of Economy and Finance (MEF) and involving members of key ministries and government representatives.
“We have the opportunity to increase our carbon sinks through sustainable agricultural practices, forest preservation, reforestation, the blue economy and much more. However, most of these projects require substantial financial resources that are currently beyond our reach,” said Ivete Maibaze.
According to Maibaze, the carbon markets are emerging as a crucial tool to enable the realisation of these projects, providing an additional source of revenue for the state. Therefore, “with this potential in mind, Mozambique decided to join ACMI, with the aim of collaborating with other countries on the continent that are also looking to strengthen their carbon markets”.
For ACMI’s CEO, Paul Muthaura, it is hoped that this initiative will enable Mozambique and neighbouring countries to take full advantage of the opportunities offered by carbon finance, allowing them to play a more significant role in combating climate change and strengthening resilience.
“Mozambique’s commitment to developing a comprehensive regulatory framework for carbon markets is a significant step forward in the fight against climate change in Africa,” said Muthaura, emphasising that “we are ready to help the country and other African nations expand the supply and demand for high integrity carbon credits, because we believe that together, we can create a sustainable and equitable path to tackle climate challenges, while promoting economic development and job creation across the continent.”