South African banking group, Standard Bank, together with fertiliser producing company Sable Chemicals, are set to jointly work on the first Clean Development Mechanism (CDM) project in the country.
The project will be one of only a handful of nitrous oxide abatement projects on the African continent. The development uses a catalytic converter which allows nitrous oxide, a harmful greenhouse gas and byproduct from the plant, to be converted into harmless gases.
According to a statement the bank will offer an innovative financing structure that will allow the project to effectively pay for itself.
CDM technical work is being completed by MGM Innova. “We are committed to working with companies across Africa on carbon and clean energy projects. We are working closely with the Zimbabwean Designated National Authority and ministers to assist them in registering this project, which will be the first for Zimbabwe,” said Fenella Aouane, of the carbon trading team at Standard Bank in a statement.
Sable Chemicals chief executive officer Jack Murehwa said; “Standard Bank has played an integral role in what is a landmark project for Sable Chemicals and Zimbabwe. The company will now be able to benefit from carbon credits whilst also benefiting the environment by reducing greenhouse gases that the plant produces.”