Malawi has launched a Carbon Market Initiative which aims at selling the carbon dioxide in a bid to eradicate effects of climate change in developing nations.
Dr Steve Makungwa, a member of the Steering Committee of the Malawi Carbon Initiative, who is also senior lecturer and researcher in forestry at Lilongwe University of Agriculture and Natural Resources, has told ProjectM that the initiative will explore the country’s potential in carbon financing.
“Malawi has a huge potential in carbon which needs appropriate framework that can accelerate its capability as well as providing civic education to people on how this new initiative is important to the country’s development. We will have so many buyers coming into the country which will in turn bring foreign currency.” he said.
Following the introduction of various projects in Agriculture and Energy in 2015 last year, Malawi produced 600,000 tonnes of carbon credits which have helped to create an improved ecosystem.
According to Dr Makungwa, Malawi is expected to produce 5 million carbon credits with a potential to rake in $ 100 million and support 250,000 jobs.
He said: “A part from eradicating issues of deforestation in the line of climate change, the carbon market will also woo foreign investors who will in turn add value to the tourism industry. The launch of this carbon market has an impact on everyone in the country.”
A carbon credit is a kind of permit that represents 1 ton of carbon dioxide removed from the atmosphere. They can be purchased by an individual or a company to make up for carbon dioxide emissions that come from industrial production, delivery vehicles or travel.
