Three months after Zimbabwe roiled the $2-billion carbon credit market by suddenly canceling projects and claiming half of all proceeds, the country now says it will accept a smaller share of revenue and has begun the process of reinstating scrapped projects.
In revised regulations issued Friday, the government said projects had 60 days to reapply for reinstatement and it would now keep 30% of proceeds in the form of an environment levy for the first 10 years of their operation. Developers, while retaining 70% of proceeds, are required to invest a quarter of their earnings in community projects. Fresh negotiations will be held in the 11th year.