By Our Correspondence
ANTALYA, Türkiye — Tanzania has called for greater economic and social benefits for local communities from carbon trading as the National Carbon Monitoring Centre (NCMC) and CRDB Bank Plc signed a partnership agreement aimed at expanding the country's carbon market and attracting green investment.
Minister of State in the Vice-President's Office, Hamad Masauni, welcomed the agreement, saying carbon trading should deliver tangible benefits to Tanzanians, including employment, improved livelihoods, technology transfer and greater economic opportunities for local communities.
Speaking at the signing ceremony in Antalya, Türkiye, Hon. Masauni said the partnership brought together NCMC's expertise in coordinating and overseeing carbon trading with CRDB's financial services and investment capacity.
He said the arrangement could help create better financing conditions for eligible carbon projects and strengthen investment in the emerging market.
Masauni urged CRDB to develop innovative financial solutions to improve access to capital for carbon project developers and other participants in the market.
He also stressed that all carbon projects must comply with the Environmental Management Act and the Environmental Management (Control and Management of Carbon Trading) Regulations, 2022, as amended in 2023.
Access to financing, he said, should not be treated as authorisation to begin a project without following legal procedures and obtaining approval from the relevant authorities.
The minister said the government would continue strengthening institutional and regulatory frameworks to promote transparency, accountability, environmental integrity and inclusive benefits from carbon trading.
The agreement is expected to support cooperation between financial institutions and the country's carbon market regulatory and coordination structures, as Tanzania seeks to attract investment in projects that generate environmental and economic value.