Hemp farmers eye carbon market

By Prisca Tshuma
Staff Writer

ZIMBABWEAN hemp producers have called on the government to explore the carbon market through further liberalisation of the production of industrial hemp, arguing it could drive investments in the economy.

Since 2019, Zimbabwe Investment and Development Agency has licensed 16 companies, with a combined proposed investment of US$212,7 million, to cultivate and process cannabis for medicinal use and cannabis oil extraction.
The Medicines Control Authority of Zimbabwe (MCAZ) has also licensed 59 companies for the production of cannabis for medicinal and scientific purposes, with several successful exports to Germany, Portugal, and South Africa.

At the hemp and medicinal cannabis symposium last week, Africa Voluntary Carbon Credits Market Forum (AVCCMF) chief executive, Anglistone Sibanda, stated that “the liberalisation of industrial hemp production would attract investments in the country as a green economy.”
“We urge the government and authorities to liberalize the production of industrial hemp as a strategy to combat climate change. Let us take advantage of the climate economy and generate funding for investments.”
Sibanda emphasised the potential for hemp to sequester carbon dioxide and generate carbon credits under the Internationally Transferrable Mitigation Outcome framework, stating, “Hemp production is one of the biggest projects that we need to push as Zimbabwe. Not only are we going to benefit from the medicinal and the money that we accrue from selling the products of hemp but just growing hemp on its own is a carbon removal project.”
He reiterated the need for regulatory reforms to tap into the growing voluntary carbon market, saying, “There is a big potential for Zimbabwe but we need to deal with our regulatory mechanisms and we need to promote the production of industrial hemp.”
Clive Kamhoti, a senior regulatory officer at MCAZ, agreed, stating, “We need to develop a cannabis legislative framework that promotes best practices in production and value addition, and provide facilitative regulatory frameworks to ensure the growth of the industry.”
The AVCCMF is also working with the Ministry of Environment to create a compliance carbon market under the climate change management bill, which would mandate all companies in Zimbabwe to offset their carbon emissions.
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