Govt to regulate carbon markets, says officials
What you need to know:
- Officials say the regulations are underway to monitor participation of project stakeholders.
Arrangements have been finalised to enact a policy to regulate and guide government on how to generate funds from carbon market mechanisms, officials have revealed.
The policy seeks to provide a pathway towards climate-resilient and low-carbon development envisaged to attract potential sources of international support from among other carbon markets and reduce emissions from deforestation and forest degradation (under UN REDD+).
Titled “Elements of the national climate change (climate change mechanisms) regulations, 2024,” the policy provides for mechanisms through which stakeholders in conservation shall be benefiting from carbon market.
Carbon markets are trading systems in which countries, companies, and organizations can buy or sell units of greenhouse-gas emissions (carbon credits) to meet international targets to reduce overall emissions and promote investment in green technologies.
Carbon markets provide a market-based approach to tackling climate change- and create a financial incentive for emissions reductions by allowing countries and companies to trade carbon credits.
Climate Change officer in the Ministry of Water and Environment Lisa Marion Anena said the regulations are underway to monitor participation of project stakeholders.
According to her, the new policy will guide government better to ensure that communities benefit regardless of the age of their trees since carbon is sequestered periodically to measure emissions that have been reduced.
“After the regulations, we expect a knowledge sharing aspect for people to understand and how they can benefit from the projects,” she noted during a presentation on the new arrangement by government as she addressed a carbon market stakeholders’ consultative meeting on Thursday in Kampala.
Conservation body, Environmental Management for Livelihood Improvement Bwaise Facility (EMLI) organized the meeting to enhance the reducing emissions from deforestation and forest degradation in developing countries (REDD+) collaboration in the country.
Officials say that government is in the final stages of consultative and awareness meetings to inform communities on how the project will benefit them.
Bob Kazungu, the Assistant Commissioner for forestry assessment and monitoring in the Ministry of Water and Environment said that the REDD+ programme implementation across the globe is in a phased manner, noting that Uganda has since developed a national strategy into an action plan and development of policies, measures as well as capacity building.
According to Kazungu, “there are traditional ways of managing forests and the ministry is already supporting the development of Community Forest Monitoring guidelines which are yet to be launched.”
“We are moving the way we are managing forests basing on the REDD+ requirements such that Uganda delivers REDD+ policy, then there would be no other questions as to whether we followed some of these,” he added.
