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Renowned carbon credits project in Zimbabwe has more financial holes than Swiss cheese

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By illuminem briefings

· 2 min read

illuminem summarizes for you the essential news of the day. Read the full piece in Follow The Money or enjoy below 

🗞️ Driving the News:  Reporters Farai Matiashe and Tafadzwa Ufumeli embarked on an unannounced visit to Zimbabwe's Kariba project reveling discrepancies and unfulfilled promises 
• The journalists' investigation exposes a stark reality – the project's impact on the local community remains questionable, with alleged financial support failing to reach those in need

🔭 The context: The project's allure lies in its promise to offset emissions for major clients like Gucci and Volkswagen, generating substantial revenue
• The project had garnered significant support from major players like South Pole, a renowned climate consultancy and carbon credits trader

🌎 Why It Matters for the Planet: Such projects are instrumental in combating climate change, as supposedly it produces carbon credits, each accounting for one tonne of carbon emissions
• The failure to deliver on promises can hinder progress in global efforts to protect the environment and support local communities

⏭️ What's next: Following critiques over lack of transparency, South Pole, an essential participant in the project, has downplayed its active trading role, instead emphasizing its consultancy function
• This raises inquiries regarding how carbon consultants should be accountable for discrepancies in their representation and actions within the carbon marketù

💬 One quote: “As the carbon consultant, we are not in a position to answer the above questions” (South Pole)

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