Untapped carbon trade opportunities

The Government of the Republic of Tanzania has committed to fostering a supportive environment that encourages public participation in carbon trade investment projects. This assurance underscores Tanzania’s proactive stance in promoting sustainable development and environmental conservation. By creating a conducive atmosphere for carbon trading initiatives, the government aims to harness the potential of this burgeoning market while simultaneously addressing climate change challenges. Such initiatives align with Tanzania’s broader strategy to leverage innovative solutions for economic growth and environmental protection, signaling a promising future for carbon trade in the country.

Minister of State in the Vice-President’s Office (Union and Environment), Dr Selemani Jafo, issued an assurance on Friday in Parliament when responding to the question posed by Mbeya Rural legislator, Mr Oran Njeza (CCM).

The MP sought an explanation from the government on opportunities brought about by the carbon trade, including obstacles that prevent the country from actively and fully participating in the business.

According to Dr Jafo, awareness and understanding on the business among the public is still low, saying more efforts have to be made to sensitize Tanzanians on the matter.

He said there are plenty of benefits that carbon trade can bring to the nation, including the conservation of biodiversity and an increase of the country’s Gross Domestic Product (GDP). “Recently, various councils received money generated from carbon trade,” he said. However, he said, despite the benefits brought about by the trade, a lack of, or low understanding of the business hampers the country from fully exploiting the opportunities.

According to the minister, lack of transparency on carbon trade in the global market also impedes the growth of the business. He said despite the challenges, the government will continue creating the favourable environment, including empowering stakeholders to establish projects surrounding carbon trade.

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