By Cindy Chitela
LILONGWE-(MaraviPost)-Malawi has generated about US$10.3 million from carbon credit trading in the year review.
During his presentation on 2024-2025 Mid-Year Budget Review at Malawi Parliament on Wednesday, December 4, Finance Minister Simplex Chithyola Banda said Malawi is making notable progress in carbon credit trading.
According to Chithyola Banda the US$10.3 million was through the Kalera REDD+programme that is being implemented in the Department of Parks and Wildlife as a result of implementation of community livelihoods and natural resources conservative in Rumphi and Nkhotakota districts.
The Finance Minister highlited that government through the environmental Affais Department is developing a draft article framework to guide and regulate the implementation of carbon trading initiaviates in the country which is expected to be concluded before the 2024 -2025 financial year .
Commenting on the matter, Malawi National Youth Network on Climate change (NYNCC), Communication, Advocacy and Partnership Coordinator, Clement Makuwa said US$10.3 gained from the Carbon trading is significant considering that its a new sector Malawi has been exploring recently.
However Makuwa stressed that the government can harvest more than the current gains only if the nation can put in place a number of capacity strengthening intervention.
“One, there is need to train people in carbon trading and those be disgnated to the trading. Secondly, we need more investment on tree planting exercises for people to understand the carbon trading sector and lastly, there need to re-invest from the gains being realized,” said Makuwa.
Carbon credit trading remains a new venture in Malawi to realized much needed forex.
