Tanzanian officials are actively working to capitalise on the country’s carbon trade market, aiming to register projects valued at TSh2.4 trillion ($1bn). Dr. Selamani Jafo, the Minister of State in the Vice President’s office, revealed this significant development during discussions with government officials.
According to Dr. Jafo, Tanzania has received a total of 35 applications for carbon trade projects by the end of 2023, as reported by the Tanzanian newspaper, The Citizen. This surge in applications underscores the growing interest and potential of the carbon trade sector to bolster the country’s economy.
‘Carbon trade is thriving in Tanzania and is poised to make a significant contribution to the economy soon,’ remarked Dr. Jafo in response to inquiries from legislators. He further disclosed that Tanzania had already received TSh32 billion between 2018 and 2022 from carbon trade projects implemented across various regions.
The Tanzanian government is actively engaging with stakeholders to raise awareness about the potential of carbon trading in driving the nation’s economy forward. Dr. Jafo highlighted ongoing discussions with district commissioners and the media to promote public understanding of the benefits of carbon credits.
‘At the COP28 in Dubai, we showcased Tanzania as a prime destination for carbon trading, garnering positive responses from companies involved in the trade. Today’s developments are a testament to the success of such global engagements,’ stated Dr. Jafo.
Carbon offsets and credits can be traded simultaneously in what is known as a carbon market, offering new market opportunities while addressing environmental concerns. With Tanzania’s ambitious plans and proactive engagement strategies, the country is poised to emerge as a key player in the global carbon trading landscape, presenting promising investment prospects and sustainable economic growth avenues.