President Lazarus Chakwera says Malawi Carbon Markets Initiative (MCMI) positions the country for prosperity as estimates show that Malawi can make US$600 million (about K600 billion) every year by selling carbon credits.
Chakwera today launched MCMI at the Botanic Gardens in Lilongwe.
Writing on his Facebook Page, Chakwera said the Malawi Carbon Market Initiative is a profitable intervention that incentivizes Malawi’s efforts of replenishing the environment.
“This is one initiative that cements our aspiration of transitioning to a green economy.
“We should, therefore, seek the double benefits that come with unlocking of the largely untapped carbon markets and replenishment of the environment. Estimates have it that if better utilized, our carbon market can bring into our economy US$600 million annually,” said Chakwera.
He noted that the preference for such a green economy comes at the back of the climate realities that have subjected Malawi to devastating natural disasters over the years, more recently Cyclone Freddy which killed over 500 people and displaced more than 600,000 in the southern region of Malawi.
“As a nation, we have every reason to prefer a green economy over an economy that degrades and destroys the environment,” said Chakwera
He then called upon people in the country to participate in building the capacity of our carbon markets and make them effective for the socioeconomic benefit of the nation.
Speaking at the event, Chairperson of the MCMI Steering Committee, McDonald Mafuta Mwale, indicated that the official launch shows that Malawi is ready to trade in carbon markets and climate financing, adding that the market is already available for Malawi’s carbon.
Minister of Natural Resources and Climate Change, Michael Usi, who earlier expressed concern over the destructive deforestation in the country and warned the culprits of severe consequences, prayed for a fair carbon business that would benefit Malawi through carbon sales.
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