Masauni commends NCMC, CRDB For carbon market partnership

ANTALYA, Turkey: MINISTER of State in the Vice-President’s Office, Engineer Hamad Masauni, has commended the National Carbon Monitoring Centre (NCMC) and CRDB Bank Plc for entering into a partnership aimed at strengthening Tanzania’s carbon market and attracting green investments.

Speaking during the signing of a Memorandum of Understanding (MoU) between the two institutions in Antalya, Turkey, Masauni said the collaboration would combine NCMC’s expertise in coordinating and overseeing carbon trading activities with CRDB Bank’s financial services and investment capacity.

He said the partnership would create an enabling environment for financing and implementing viable carbon projects, contributing to the growth of the country’s carbon market.

Masauni urged the two institutions to ensure the collaboration delivers tangible economic, social and environmental benefits to Tanzanians, including job creation, improved livelihoods, technology adoption and increased community participation in the green economy.

He further challenged CRDB Bank to develop innovative financial solutions to improve access to capital for carbon project developers and other stakeholders in the sector.

The minister 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.

He cautioned that access to financing should not be considered authorisation to implement projects without observing legal procedures and obtaining approval from relevant authorities.

Masauni said the government would continue strengthening institutional and regulatory frameworks to ensure transparency, accountability and environmental integrity in carbon trading, while ensuring the sector delivers shared benefits to the country and its people.