Zuma’s two million Russian carbon credits rejected by the Africa Voluntary Carbon Credits Market
AVCCM “will only trade on its platform Carbon Credits coming from countries in the African continent”
Earlier this month, the Africa Voluntary Carbon Credits Market Forum took place in Zimbabwe. Jacob Zuma, South Africa’s former president, attended the Forum on behalf of the Belarus African Foreign Trade Association.
During his speech on the final day of the Forum, Zuma handed over a cheque for two million carbon credits.
Bloomberg reported that the carbon credits came from a forestry project in Siberia, generated between 2008 and 2012 under the UN’s Joint Implementation mechanism.
The two million carbon credits have now been rejected by Africa Voluntary Carbon Credits Market. Before getting to this rejection, we need to look at a partnership with a company called Carbon Trade Exchange.
Africa Voluntary Carbon Credits Market and Carbon Trade Exchange
On 13 July 2023, Carbon Trade Exchange (CTX) put out a press release stating that CTX was partnering with the Africa Voluntary Carbon Credits Market.
CTX was incorporated in the UK in June 2015, but according to the company’s Wikipedia page the company was founded in London in 2009. In October 2010, Westpac, Australia’s second largest bank, entered into an agreement with CTX.
Here’s how CTX explains what it does in the company’s more recent financial report (2022):
The Principal Business of the company is the global online trading of Voluntary Carbon Credits by projects, brokers and companies for voluntary offsetting of CO₂ emissions. Carbon Trade Exchange (CTX) is the exclusive global licensee of CTX platform which technology is owned by Global Environment Markets (GEM). The company receives membership fees for clients to sign up to the CTX exchange and supports trading on the Carbon Trade Exchange (CTX) trading platform, where the Credit Clearance is done via various carbon registries worldwide and the financial settlement via Westpac Bank in Australia since 2010.
Global Environment Markets was incorporated in the tax haven of Mauritius in June 2010.
In a press release about the partnership, Kwanele Hlabangana, chairman and co-founder of Africa Voluntary Carbon Credits Market said,
“We are excited to be partnering with experienced world class Carbon Market technology leaders like GEM & CTX. The response from projects, communities and governments has been outstanding. This is a great opportunity to accelerate Africa into the Climate Economy and contribute to the global call to save our planet.”
Belarusian Credits are off the table!
On 18 July 2023, Hlabangana put out a press release under the headline “Belarusian Credits are off the table!”
The press release accuses “foreign media houses who want to derail our programme” of attempting to “draw our organisation into geopolitical issues”.
AVCCM’s press release includes the following points:
AVCCM Forum is a private sector led initiative which is there to contribute and complement efforts by African Governments including the Government of Zimbabwe in mitigating climate change and proffering tangible solutions in accelerating Africa into the Climate Economy.
The choice and selection of delegates, speakers and presenters at the event is solely at the discretion of the AVCCM Forum Board as the official organiser of the event, and the Government of Zimbabwe is only notified and requested for assistance in handling the attendance of foreign dignitaries or officials who may require protocol arrangements as per norm. In this regard, official communication was sent to both the Ministry of Foreign Affairs and International Trade and the Ministry of Environment, Climate, Tourism and Hospitality Industry for clearance of such dignitaries prior to the event.
Furthermore, the Victoria Falls Carbon Registry (VFCR), a subsidiary of Africa Voluntary Carbon Credits Market (Private) Limited, has been created as a Regional (Pan African) Carbon Registry owned and operated in Zimbabwe. The VFCR will support the migration of Zimbabwe and other African nations’ projects and Carbon Credits back to Africa to be re-issued under their control. African Nations wishing to participate will be offered a National Sub-license and Registry Administration role within the VFCR, so they can support, lodge, monitor and manage projects and credit issuance in their nation.
The Victoria Falls Carbon Registry (VFCR) will be operational in August 2023 and will start accepting projects from countries in the African continent, for both new and migrating projects. Initial discussions are already underway for various African Nations to join this Registry on terms entirely at the discretion of the VFCR, with the recently created Victoria Falls International Financial Centre playing a key role in attracting interest in this project.
The Victoria Falls Carbon Exchange (VFCEX), a subsidiary of Africa Voluntary Carbon Credits Market (Private) Limited, has been created as a Pan- African focused Register of Carbon Credits to be traded on the Victoria Falls Stock Exchange (VFEX).
For the avoidance of doubt, it is critically important to state that all Carbon Credits brought to the Victoria Falls Carbon Registry (VFCR) and the Victoria Falls Carbon Exchange (VFCEX) for trading on the Victoria Falls Stock Exchange (VFEX) will meet all the stringent requirements that include verification of their origin and authenticity, certification, clearances and all due processes before being traded in order to create a credible, transparent, and vibrant marketplace for Africa and a vision of the future for buyers worldwide.
Please take note further, that the Victoria Falls carbon Registry and Victoria Falls Carbon Exchange were created specifically to serve the interests of nations in the African continent and will only trade on its platform Carbon Credits coming from countries in the African continent and not any other jurisdiction, in our effort to accelerate the participation of African nations in the Climate Economy for the betterment of our citizens.
An official from the Belarus National Agency of Investment and Privatization told Bloomberg that the Belarus African Foreign Trade Association respects AVCCM’s “commercial decision”, adding that, “Our pledge and intent when it comes to Zimbabwe still remains.”
Just what is that odor when someone mentions "carbon economy"? No such entity exists in the real world; it is all magical thinking of financial systems looking for yet another shiny new toy to come along after crypto currencies. What can be more profitable than trading in thin air? Hey, Raggetty-Ann, let's make air sandwiches! Just create enough levels of flummery and a great speaker's list and layers of interlocking business and you can fool anyone! This is yet another useless step of "Progress," to take our minds off the necessity of ending fossil fuels.