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The Standard Bank group said on Wednesday that would work with fertilser manufacturer Sable Chemicals to complete what is expected to be the first clean development mechanism (CDM) project in Zimbabwe.
Fenella Aouane, of the carbon trading team at Standard Bank said the group was working closely with the Zimbabwean Designated National Authority and Ministers to assist them in registering the project.
The development uses a catalytic converter, which allows nitrous oxide, a harmful greenhouse gas and bi-product from the plant, to be converted into harmless gases.
This nitrous oxide abatement project can generate carbon credits, and Standard Bank has agreed to be the full off-taker of carbon credits from the development.
“CDM projects are particularly suited to the African continent. By trading carbon credits that come from such projects, industrialised countries are able to invest in projects that reduce greenhouse gas emissions in developing countries,” Aouane said.
Further, Standard Bank will be offering a financing structure that will allow the project to effectively pay for itself.
Sable Chemicals CEO Jack Murehwa said the project was significant and would now be able to benefit from carbon credits and reducing greenhouse gases.
The Standard Bank group said on Wednesday that would work with fertilser manufacturer Sable Chemicals to complete what is expected to be the first clean development mechanism (CDM) project in Zimbabwe.
Fenella Aouane, of the carbon trading team at Standard Bank said the group was working closely with the Zimbabwean Designated National Authority and Ministers to assist them in registering the project.
The development uses a catalytic converter, which allows nitrous oxide, a harmful greenhouse gas and bi-product from the plant, to be converted into harmless gases.
This nitrous oxide abatement project can generate carbon credits, and Standard Bank has agreed to be the full off-taker of carbon credits from the development.
“CDM projects are particularly suited to the African continent. By trading carbon credits that come from such projects, industrialised countries are able to invest in projects that reduce greenhouse gas emissions in developing countries,” Aouane said.
Further, Standard Bank will be offering a financing structure that will allow the project to effectively pay for itself.
Sable Chemicals CEO Jack Murehwa said the project was significant and would now be able to benefit from carbon credits and reducing greenhouse gases.
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