ON May 23rd, 2025, Zimbabwe made global climate governance history by successfully conducting the world’s first official corresponding adjustment and inter-registry transfer of carbon credits under Article 6 of the Paris Agreement.
These groundbreaking achievements, integral to the launch of the Zimbabwe Carbon Registry (ZCR), demonstrate Zimbabwe’s leadership in enhancing integrity, transparency, and reliability within international carbon markets.
A corresponding adjustment is a critical accounting mechanism under Article 6 designed to prevent double counting, which occurs when the same emission reduction is claimed by multiple entities or countries. By executing this adjustment, Zimbabwe ensured that transferred carbon credits are accurately reflected in both the issuing and receiving countries’ national emission inventories, maintaining the integrity of global emissions data.
The landmark inter-registry transfer involved moving 10,000 carbon credits from the Gold Standard voluntary registry to Zimbabwe’s newly established ZCR, specifically related to a project developed by local firm Cicada. This pioneering transaction effectively shifted these credits from a voluntary carbon market (VCM) to a fully regulated and internationally compliant Article 6 carbon market.
President Emmerson Mnangagwa underscored the significance of these achievements: “Regulations backed by the world’s first blockchain based national carbon registry – With the press of this button before me, I will initiate the world’s first inter-registry transfer under article 6.”
Terraviva Services, under the leadership of General Manager Felix Mechnig-Giordano, played a central role by developing a comprehensive regulatory framework that meets stringent international standards. This framework ensures transparency, rigorous accounting practices, and robust verification processes, directly addressing historical market deficiencies such as double counting, lack of transparency, and verification inaccuracies.
Felix Mechnig-Giordano explained, “Our regulatory approach ensures the utmost transparency and integrity in every carbon credit transaction. The implementation of corresponding adjustments aligns perfectly with our goal of creating a highly credible and verifiable carbon market.”
Complementing this robust regulatory environment, A6 Labs, headed by CEO Harib Bakhshi, developed the blockchain technology underpinning the ZCR. The platform securely and immutably records every transaction, including corresponding adjustments and inter-registry transfers, providing unprecedented transparency and trust for all stakeholders involved.
Harib Bakhshi highlighted the technical innovation: “Blockchain technology ensures that every corresponding adjustment and transfer is permanently and publicly recorded, fully traceable, and verifiable. This eliminates any potential for double counting or inaccuracies, setting a new global benchmark for carbon market operations.”
These landmark achievements significantly enhance investor and policymaker confidence in Zimbabwe’s carbon market by clearly demonstrating the operational viability and reliability of Article 6 mechanisms. Policymakers and carbon market experts globally now have a concrete example of successful implementation, reinforcing the credibility and appeal of regulated carbon markets.
Zimbabwe’s proactive approach provides a replicable model for other countries, facilitating broader adoption and strengthening of global carbon market frameworks. This achievement positions Zimbabwe as a pioneering force in international climate policy, effectively aligning local climate initiatives with global climate action goals.