Carbon Credits Trading (General) (Amendment) Regulations, 2023 (No. 1)

ZIMBABWEAN GOVERNMENT GAZETTE EXTRAORDINARY Published by Authority Vol. CI, No. 100 25th SEPTEMBER, 2023 Price USD2,00 CONTENTS Statutory Instrument Issued as a Supplement to this Gazette Extraordinary Number 158. Carbon Credits Trading (General) (Amendment) Regulations. 2023 (No. 1). Printed by the Government Printer, Harare. 2063 Statutory Instrument 158 of 2023. [CAP. 20:27 Carbon Credits Trading (General) (Amendment) Regulations, 2023 (No. 1) IT is hereby notified that the Minister responsible for Climate Change Management has, in terms of section 140(2)(c) of the Environmental Management Act [Chapter 20:27], made the following regulations:— 1. These regulations may be cited as the Carbon Credits Trading (General) (Amendment) Regulations, 2023 (No. 1). 2. The Carbon Credits Trading (General) Regulations), 2023, published in Statutory Instrument 150 of 2023 (hereinafter called “the principal regulations”), are amended in section 11 (“Procedure for compliance of existing projects”) by the repeal of subsection (1) and the substitution of — “(1) All existing carbon credit projects deemed null and void shall be given 45 days from the gazetting of the Carbon Credits Trading (General) (Amendment) Regulations, 2023 (No. 1) to comply with the provisions of section 8.”. 4. Section 12 (“Share of Proceeds”) of the principal regulations is amended by the repeal of subsection (1) and the substitution of — “(1) For the first ten years of the project, the share of proceeds from carbon credit trading shall be allocated to the beneficiaries below as follows— (a) seventy per centum (70%) shall be retained by the Project Proponent; and (b) thirty per centum (30%) shall constitute an Environmental Levy to be deposited in the Environment Fund and shared in terms of the Seventh Schedule.”. 5. The Seventh Schedule (“Distribution of the Share of Proceeds’”’) to the principal regulations is amended by the repeal of paragraph 1 and the substitution of — 1097 Carbon Credits Trading (General) (Amendment) Regulations, 2023 (No. 1) “1. The Environmental Levy deposited in the Fund in terms of section 12(1) (a) (b) () (d) (e) shall be shared as follows — investment in climate change adaptation and low carbon development projects ................55%: loss and damage relief fund ..........2...5%; appropriate authority and local authority levies .... 10%; administrative costs and capacity enhancement of the Authority, Registry, and Carbon Credit Trading Committee. . 15%; Treasury fiscal requirements ............. 15%.” Supplement to the Zimbabwean Government Extraordinary Gazette dated the 25th September, 2023. Printed by the Government Printer, Harare. 1098