US carbon credit fraud threatens Zim projects

ZIMBABWE’s efforts to capitalise on the global carbon credit market could be in a tailspin following a United States Department of Justice (DoJ) investigation which has implicated projects in the country in a multi-million-dollar fraud scheme.

The country has been pursuing carbon credit projects, including a US$1,5 billion deal with Dubai-based Blue Carbon, to generate high-quality credits for the international market.

However, the US DoJ announced charges against Kenneth Newcombe (77) of Santa Barbara, California, and Tridip Goswami, a resident of India.

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