Tanzania is experiencing a boost in the production and sale of carbon offsets, which is becoming a lucrative business in the country. The government has attracted over 20 companies that are set to invest over $20 billion (Sh46.9 trillion) in carbon trading. This development is expected to provide major benefits to the environment, local communities, and the National Treasury.
Carbon offsets in Tanzania play a crucial role in preserving forests and protecting the way of life for local communities. Shifting agriculture has been identified as the primary driver of deforestation in the region, posing a threat to forest communities and Tanzania’s iconic wildlife. Carbon Tanzania, a social enterprise, has been actively involved in selling carbon credits from titled land owned by the Hadza community since 2013. The offsets are purchased by travel companies and ecotourism outfits to offset the emissions produced by their customers. Carbon Tanzania also runs carbon-offsetting projects in other areas of Tanzania, such as the Makame grasslands and Ntakata Mountains.
The carbon market in Tanzania is set to experience a revolution, with the value of the carbon market estimated at Sh46.9 trillion. One metric ton of carbon or another greenhouse gas is equal to one carbon offset, which costs $65 (or around Sh152,100) . This presents an opportunity for Tanzania to generate funds and address deforestation and forest degradation
Tanzania is also working on the largest carbon offset project in Africa, in collaboration with the Tanzania Wildlife Management Authority and GreenCop Development PTE. This project aims to develop carbon offset projects in the country.
In summary, Tanzania is experiencing a significant increase in the production and sale of carbon offsets, attracting investments and providing benefits to the environment, local communities, and the National Treasury. Carbon offsets play a crucial role in preserving forests and protecting the way of life for local communities. The carbon market in Tanzania is set to experience a revolution, presenting an opportunity for generating funds and addressing deforestation. Tanzania is also working on the largest carbon offset project in Africa.
