{"id":4786,"date":"2024-02-10T18:59:51","date_gmt":"2024-02-10T15:59:51","guid":{"rendered":"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/?p=4786"},"modified":"2024-02-10T18:59:51","modified_gmt":"2024-02-10T15:59:51","slug":"tanzania-eyes-sh2-4-trillion-from-carbon-trading-projects","status":"publish","type":"post","link":"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/tanzania-eyes-sh2-4-trillion-from-carbon-trading-projects\/","title":{"rendered":"Tanzania eyes Sh2.4 trillion from carbon trading projects"},"content":{"rendered":"<h2 class=\"title-small\">What you need to know:<\/h2>\n<div class=\"summary-text\">\n<ul class=\"rte--list\">\n<li><strong>The minister of State in the Vice President\u2019s Office responsible for Union and Environment, Dr Selemani Jafo, told the parliament yesterday that 35 applications for carbon trade projects were received by the end of December 2023.<\/strong><\/li>\n<\/ul>\n<p>Tanzania to register carbon trade projects worth $1 billion, boosting national revenue.<\/p>\n<p>Minister Jafo unveils thriving carbon trade scene, eyes significant economic contribution.<\/p>\n<p>Tanzania initiates public awareness campaigns to highlight the potential of carbon credits in the economy.<\/p>\n<p>Tanzanian officials are currently engaged in efforts to maximize the country\u2019s carbon trade market, with a focus on\u00a0<a title=\"How to guide to registering and trading compliance carbon credits on Alberta\u2019s Technology Innovation and Emissions Reduction system\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/how-to-guide-to-registering-and-trading-compliance-carbon-credits-on-albertas-technology-innovation-and-emissions-reduction-system\">registering carbon trade<\/a>\u00a0projects worth $1 billion (approximately Sh2.4 trillion Tanzanian Shillings). This significant undertaking is poised to come into effect once the country completes the registration of its planned schemes. The investment into this market is expected to substantially boost Tanzania\u2019s overall revenue.<\/p>\n<p>The process of registering\u00a0<a title=\"What is Carbon Trading?\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/what-is-carbon-trading\">carbon trade<\/a>\u00a0projects involves various steps, including the identification of eligible projects, the assessment of their environmental impact and carbon reduction potential, and the verification of their compliance with international standards and regulations. Tanzanian authorities are working diligently to streamline this process to facilitate the timely implementation of carbon trade initiatives.<\/p>\n<p>Once these projects are registered and operational, they will not only contribute to\u00a0<a title=\"Climate change mitigation: reducing emissions\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/climate-change-mitigation-reducing-emissions\">mitigating climate change by reducing greenhouse gas emissions<\/a>\u00a0but also serve as lucrative investment opportunities. The revenue generated from carbon trading will bolster Tanzania\u2019s economy, providing\u00a0<a title=\"Importance of additionality and accurate baselines for carbon credit integrity\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/importance-of-additionality-and-accurate-baselines-for-carbon-credit-integrity\">additional<\/a>\u00a0funds for infrastructure development, social programs, and other priority areas.<\/p>\n<p>Furthermore, the expansion of Tanzania\u2019s\u00a0<a title=\"Kanuni za udhibiti na usimamizi wa biashara ya Kaboni za mwaka 2022\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/kanuni\">carbon trade<\/a>\u00a0market is expected to attract both domestic and foreign investors, stimulating economic growth and creating employment opportunities in the process. By capitalizing on its\u00a0<a title=\"New USAID Environment and Natural Resource Management Team Leader for Tanzania and Regional Team lead Pays NCMC Courtesy Call\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/new-usaid-environment-and-natural-resource-management-team-leader-for-tanzania-and-regional-team-lead-pays-ncmc-courtesy-call\">natural resources<\/a>\u00a0and embracing sustainable practices, Tanzania is positioning itself as a key player in the global carbon market, contributing to both environmental preservation and economic prosperity.<\/p>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>Dr. Selamani Jafo, the Minister of State in the\u00a0<a title=\"National Carbon Monitoring Center (NCMC), Sokoine University of Agriculture (SUA) and Vice President\u2019s Office (VPO) participates at COP26 Sessions in Glasgow\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/participation-of-national-carbon-monitoring-center-ncmc-and-sokoine-university-of-agriculture-sua-in-cop26-sessions-in-glasgow-scotland-25-october-to-12-november-2021\">Vice President\u2019s office<\/a>\u00a0disclosed 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,\u00a0The Citizen.<\/p>\n<\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p><em>\u201cCarbon trade is so thriving in Tanzania that it will significantly contribute to the economy soon,\u201d\u00a0<\/em>the minister said, responding to a question from a\u00a0<a title=\"Legislation aims to merge Washington carbon market with California\u2019s\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/legislation-aims-to-merge-washington-carbon-market-with-californias\">legislator<\/a>.<\/p>\n<\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>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.<\/p>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p><em>\u201cBy December 31, 2023, we had received a total of 35 applications for different\u00a0<a title=\"Carbon Vista, Saudi firm sign MoU on carbon credit\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/carbon-vista-saudi-firm-sign-mou-on-carbon-credit\">carbon credit<\/a>\u00a0projects. When the implementation of these projects starts, we expect to generate $1 billion, which will have a significant\u00a0<a title=\"What are Nationally Determined Contributions (NDCs)?\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/what-are-nationally-determined-contributions-ndcs\">contribution to the national<\/a>\u00a0economy,\u201d<\/em>\u00a0Dr. Selamani Jafo stated.<\/p>\n<\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>He revealed that the government has already initiated conversations with potential catalysts to the\u00a0<a title=\"Trust is key in carbon credit marketplaces: Attracting reputable participants\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/trust-is-key-in-carbon-credit-marketplaces-attracting-reputable-participants\">market<\/a>\u00a0including district commissioners and the media. These conversations are geared toward creating public awareness of the potential\u00a0<a title=\"Carbon Credit Policy to Be Unveiled Prior to African Union Summit\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/carbon-credit-policy-to-be-unveiled-prior-to-african-union-summit\">carbon credit has in propelling the East African<\/a>\u00a0nation\u2019s economy.<\/p>\n<\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p><em>\u201cDuring the\u00a0<a title=\"NCMC participating in COP28, Dubai\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/ncmc-participating-in-cop28-dubai\">COP28 in Dubai<\/a>, 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\u00a0<a title=\"Enhancing social impact: Blended financing strategies for carbon projects\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/enhancing-social-impact-blended-financing-strategies-for-carbon-projects\">global<\/a>\u00a0engagements,\u201d<\/em>\u00a0the minister said.<\/p>\n<\/div>\n<div class=\"ringCommonDetail ringBlockType-paragraph \">\n<p>Investors and business owners can trade\u00a0<a title=\"A price signal for the carbon market\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/a-price-signal-for-the-carbon-market\">carbon offsets and credits at the same time on what is referred to as a carbon market<\/a>. This generates new\u00a0<a title=\"Unlocking the potential of direct air capture: is scaling up through carbon markets possible?\" href=\"https:\/\/www.ncmc.sua.ac.tz\/news\/unlocking-the-potential-of-direct-air-capture-is-scaling-up-through-carbon-markets-possible\">market possibilities<\/a>\u00a0and lessens the environmental issue.<\/p>\n<\/div>\n<\/div>\n<p>For related information on this visit the link below<\/p>\n<p><a href=\"https:\/\/www.thecitizen.co.tz\/tanzania\/news\/business\/tanzania-eyes-sh2-4-trillion-from-carbon-trading-projects-4515176\">Tanzania and Success stories of Carbon Trading<\/a><\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>What you need to know: The minister of State in the Vice President\u2019s Office responsible for Union and Environment, Dr Selemani Jafo, told the parliament yesterday that 35 applications for carbon trade projects were received by the end of December 2023. Tanzania to register carbon trade projects worth $1 billion, boosting national revenue. Minister Jafo [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":4790,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5,1],"tags":[],"class_list":["post-4786","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-latest-news","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Tanzania eyes Sh2.4 trillion from carbon trading projects - Department of Forest and Environment Economics| Sokoine University of Agriculture<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cfwt.sua.ac.tz\/foresteconomics\/tanzania-eyes-sh2-4-trillion-from-carbon-trading-projects\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tanzania eyes Sh2.4 trillion from carbon trading projects - Department of Forest and Environment Economics| Sokoine University of Agriculture\" \/>\n<meta property=\"og:description\" content=\"What you need to know: The minister of State in the Vice President\u2019s Office responsible for Union and Environment, Dr Selemani Jafo, told the parliament yesterday that 35 applications for carbon trade projects were received by the end of December 2023. Tanzania to register carbon trade projects worth $1 billion, boosting national revenue. 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Tanzania to register carbon trade projects worth $1 billion, boosting national revenue. 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