The House of Peoples' Representatives approved the draft proclamation for Ethiopia's carbon market in its session today.
Desalegn Wedaje, chair of the Standing Committee on Plan, Budget and Finance Affairs, told the House that the draft provides a legal framework to implement the carbon market strategy.
The proclamation will support the execution of international agreements, including the Paris Agreement, and Ethiopia's commitments to reduce greenhouse gas emissions. It will also establish conditions for high-quality green investment and technology transition through a clear legal and institutional setup.
Previously conducted without a sufficient operational system, carbon trading will now follow an explicit legal framework. The Ethiopia Carbon Market Proclamation No. 1436/2018 was approved by majority vote.