Uncertainty still surrounds the Kariba REDD+ forest conservation project, which provides sustainable livelihood opportunities for poor communities in northern Zimbabwe. (Substack)
Uncertainty still surrounds the Kariba REDD+ forest conservation project, which provides sustainable livelihood opportunities for poor communities in northern Zimbabwe, after the world’s largest certifier Verra cancelled 15 million of its carbon credits.
The project, run by Carbon Green Investments (CGI), and covering more than 700 000 hectares, aims to protect both unlogged and previously logged forests that have the regenerative capacity to reach maturity, thus improving the livelihoods of locals.
It covers Zimbabwe’s biggest forest reserves and wildlife corridors along the southern shore of Lake Kariba in the Zambezi River basin and has attracted investors such as Volkswagen, Gucci, Porsche, Nestlé and Delta Airlines, raising more than $100 million in revenue through South Pole, an organisation that creates carbon-reduction plans allowing governments and businesses to benefit from climate action.
For its part, South Pole earned a commission from CGI, which, since 2011, has undertaken community projects such as building hospitals and schools and forest and wildlife conservation in Zimbabwe’s Binga, Nyaminyami, Hurungwe and Mbire districts.
In 2023, Verra — a nonprofit organisation that develops and manages standards for environmental and social impact projects, especially those involving carbon credits — suspended the Kariba REDD+ from active trading in its registry after allegations of mismanagement and corruption were raised against CGI.
The certifier resolved to investigate the allegations, but CGI opted to withdraw Kariba REDD+ from Verra’s registry. Last week, Verra announced that it had finished its investigation of the Kariba REDD+ project, concluding that its carbon offsets had been overstated by 15 220 520 carbon credits.
Carbon credits are permits or certificates that represent the right to emit one metric tonne of carbon dioxide, or an equivalent amount of another greenhouse gas, as part of global efforts to reduce greenhouse gas emissions and combat climate change by putting a price on emissions.
In a statement, Verra said it would “engage with the project proponent, CGI, and request compensation” and also “engage with the account holders”.
While Verra wants CGI to pay back the money from the alleged overstated carbon offsets, CGI has demanded that Verra provide the data used to arrive at its conclusion.
“We are concerned by the lack of accompanying detail regarding the basis for the reported findings,” the company said in a statement, also warning Verra “to refrain from contacting any client of Carbon Green Investments, without prior consent”.
The impasse highlights the risks, integrity and effectiveness of carbon offset initiatives, said Nsikelelo Moyo from Carboneg Development, a company focused on carbon market development in Africa.
“Verra’s recent move exposes the limits of voluntary governance when billions of dollars, corporate reputation and fragile ecosystems are at stake,” Moyo said.
“The integrity of carbon markets depends on more than improved methodology documents and rhetorical defences; it requires systemic reform, independent oversight and a public-interest approach that puts climate outcomes and local rights ahead of short-term market gains.”
Anglistone Sibanda of Carbon Markets Forum said the over issuing of carbon credits was bound to happen because, until recently, “there was no regulatory framework in Zimbabwe or government involvement to validate projects”.
Earlier this year the government, through the Zimbabwe Carbon Markets Authority, established a regulatory framework and a blockchain-based national registry to govern its carbon market, enabling the country to comply with the Paris Agreement and attract green investment.