LILONGWE-(MaraviPost)-Self-Help Africa says there are great opportunities in carbon trading for communities if stakeholders are equipped with the skills and knowledge to tap resources from the initiative.
The observation comes as Malawi has potential to generate between US$220 and US$440 million annually by tapping into the lucrative carbon trading market.
Self-Help Africa is currently implementing Coordinating and Managing Entity (CME) for the Broad-Based Carbon Finance Programme of Activities (PoA) in Malawi.
Carbon credits are certificates representing the reduction or removal of one metric tonne of carbon dioxide or equivalent greenhouse gases.
Countries or companies that reduce emissions can sell these credits to those who exceed their emission limits.
Self Help Africa Project Manager for coordinating and Monitoring Entity for The Broad-based Carbon Finance Programme of Activities (PoA) Charles Matewere told The Maravi Post after the recent sidelines session for stakeholders in the capital Lilongwe that enough information is needed to be shared to the public to embrace the initiative.
Matewere observes that though carbon trading is a complex and technical matter, local organizations have opportunities to learn more to start reaping fruits from the initiative.
He disclosed that only 17 local organizations have shown interest in the initiative but they lack enough information, and knowledge on how good the initiative is.
“This is the first step towards localising carbon trading in Malawi. We invited all stakeholders in environmental issues including NGOs, communities with their leaders, academicians, media to learn more about carbon trading so that they start reaping the fruits of the initiative.
“Self-Help Africa has taken a leading role in coordinating all groups interested in carbon trading. Currently, we are towards registration with standard codes. For that to be complete as required by international law, we are required to involve the local stakeholders and get consent from people of various backgrounds including community, chiefs, international community, local organizations, companies, and among others hence the session,” said Matewere.
He added, “The Carbon Finance, or the carbon market, provides this platform for the country or the organizations or for local companies to have that kind of money to develop themselves and to have the social responsibility in the communities”.
Traditional Authority (T.A) Tsabango of Lilongwe lauded Self-Help Africa for the session saying it was an eye-opener on how communities could benefit from carbon trading.
TA Tsabango said as one way of participating in the initiative he will mobile his subjects into serious tree planting exercises and use modern cooking materials to reduce gas emission.
The carbon trading initiative comes at a critical time when developing countries face intensifying climate challenges.
Recently, Malawi generated MK150 million through carbon trading.
