Zambia is expediting the formulation and enactment of a law to regulate carbon markets and insure the creation of an environmental integrity and allow the country to benefit from the proceeds.
The government in collaboration with various players are finalising the bill that will facilitate the enactment of the law in parliament to among other objectives, strengthen coordination of the response to climate change; enhance the regulation of carbon markets including ensuring environmental integrity and benefit sharing in the proceeds of the carbon markets with local communities.
The law will further facilitate the establishment of a climate change fund to be used as a source of resources for supporting national climate change mitigation and adaptation programmes and projects as the country seeks to be resilient against the climatic change effects.
Addressing a green investment conference in lusaka, green economy and environment minister Collins Nzovu stated that the law will help strengthen coordination of the response to climate change, enhance the regulation of carbon markets including ensuring environmental integrity and benefit sharing in the proceeds of the carbon markets with local communities.
"the establishment of the climate change fund to be used as a source of resources for supporting national climate change mitigation and adaptation programmes and projects"
Zambia is further reviewing the national policy on climate change of 2016 to incorporate emerging issues including green economy aspects.
The mitigation actions are projects, programmes or policy measures that result in reduction of greenhouse gases emissions in the sectors to include; energy, transport, industrial processes, waste, agriculture, agriculture forestry and other land use.
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