Top Offset Project Must Hand Zimbabwe Revenue or Close
- South Pole project must comply with new rules, minister says
- Government demands 50% of revenue from carbon credits
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Zimbabwe’s Environment Minister said the operators of a project generating carbon credits from an area almost the size of Puerto Rico will have to give the government half its revenue if the initiative is to survive.
The 785,000 hectare (1.94 million acre) Kariba forestry project, operated in part by South Pole, the world’s leading seller of offsets, will need to comply with rules announced Tuesday governing the sector including the flow of money due to the state, said Mangaliso Ndlovu, the Minister of Environment, Climate, Tourism and Hospitality.