Demand for state to take 50% of proceeds now cut to 30% Earlier rule change sparked fears other countries would follow
Three months after Zimbabwe roiled the $2 billion carbon credit market by suddenly canceling projects and claiming half of all proceeds, the country now says it will accept a smaller share of revenue and has begun the process of reinstating scrapped projects.
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In revised regulations issued Friday, the government said projects had 60 days to reapply for reinstatement and it would now keep 30% of proceeds in the form of an environment levy for the first 10 years of their operation. Developers, while retaining 70% of proceeds, are required to invest a quarter of their earnings in community projects. Fresh negotiations will be held in the 11th year.