Malawi signs carbon trading deal with Switzerland
Malawi and Switzerland have signed an agreement to work together on the transaction of Internationally Transferable Mitigation Outcomes (Itmos) under article 6.2 of the Paris Agreement.
The agreement was signed yesterday at Sharm El Sheikh in Egypt where the United Nations Conference of Parties on climate change (CoP27) is underway.
Article 6.2 of the Paris Agreement allows countries to work together to accelerate mitigation to address greenhouse emissions.
Signing the agreement on behalf of Malawi Government, Minister of Natural Resources and Climate Change Eisenhower Mkaka said Malawi is particularly keen to exploring opportunities in carbon trading mechanisms to attain its development agenda in relation to climate change as stipulated in the Malawi 2063 and the Nationally Determined Contributions (NDC).
“I am impressed with the agreement because the Itmos will promote sustainable development and ensure environmental integrity and transparency as well as taking into consideration future decisions of the CoP to reduce carbon emissions to 1.5 degrees,” he said.
Ambassador for the Environment Franz Xaver Perrez signed on behalf of the Swiss Government.
He said the agreement will create a framework for cooperation to reduce global emissions.
Perrez said the agreement means that the Swiss Government will invest in high level activities in Malawi.
He said: “We will need guidance from experts to know exactly how we will approach the situation as my country has also entered into various agreements with other African countries, including Ghana and Senegal.
“I hope Malawi will pick up quickly because in our country, we have formulated targets to reduce emissions. Malawi will benefit in different ways.”
Also present during the signing was Parliamentary Committee on Natural Resources and Climate Change chairperson Werani Chilenga, who said having gone through the agreement, it is clear Malawians will benefit by accessing cheaper and cleaner alternatives of cooking and heating.
Some of the projects which the country expects in the agreement are the establishment of biogas plants, solar power and tree planting.
