By Business Insider Correspondent
The Minister of State in the Vice President’s Office (Union and Environment), Eng. Hamad Yussuf Masauni, has held talks with a group of carbon market stakeholders from South Korea who have expressed a keen interest in investing in Tanzania’s burgeoning carbon trading sector.
The meeting, held on 15 July 2025 in Dar es Salaam, marks a significant follow-up to the Minister’s official visit to South Korea in March 2025, where he led a Tanzanian delegation to explore the carbon market landscape and present the country’s investment opportunities to Korean partners.
Minister Masauni explained that the United Republic of Tanzania is a signatory to the United Nations Framework Convention on Climate Change (UNFCCC), the Kyoto Protocol, and the Paris Agreement.
These global commitments oblige member states to take concrete action to combat climate change, including reducing greenhouse gas emissions and enhancing climate resilience.
“Emission reduction strategies should be implemented both domestically and internationally,” the Minister emphasised.
He pointed out that South Korea is among the global frontrunners in carbon trading.
It was for this reason that the Vice President’s Office (Union and Environment) organised a study tour to South Korea to learn first-hand about the management and operation of carbon markets – a mission that is already bearing fruit.
“One key objective of our visit was to showcase Tanzania’s carbon project investment potential and seize emerging financial, market, and technical opportunities within the global climate action space,” Minister Masauni noted.
During the trip, the delegation engaged with several Korean stakeholders, including the Korea Forest Service, who confirmed Tanzania’s eligibility to benefit from the Subnational REDD+ project window through private institutions such as Good Neighbors.
“Good Neighbors has been implementing various development projects in Tanzania for many years. They expressed their readiness to support feasibility studies for carbon initiatives, and today they’ve returned with interested partners,” the Minister said.
Early-stage project mapping underway
Speaking on behalf of Good Neighbors Tanzania, Ms. Ilsun Jung, the Country Director, reiterated Tanzania’s vast potential, which is why they are keen to invest in carbon trading.
However, she stressed that all activities will follow the government’s legal and regulatory frameworks.
“We’re currently in the preliminary phase – identifying key project areas, assessing major challenges, and formulating strategies that will deliver tangible benefits to government, communities, and all stakeholders involved,” Ms. Jung said.
She added that the pilot carbon project is expected to be rolled out in the regions of Kigoma, Tabora, Singida, Iringa, and Zanzibar, while Good Neighbors Tanzania continues to engage additional partners with financial strength and a genuine commitment to sustainable development.
Carbon project pipeline growing
As of 15 March 2025, the National Carbon Monitoring Centre (NCMC), based in Morogoro, had received a total of 72 project registration applications, broken down as follows:
- Forestry: 33 projects
- Energy: 27 projects
- Agriculture: 7 projects
- Livestock: 3 projects
- Waste Management: 2 projects
With the increasing interest from international investors, including those from South Korea, Tanzania is positioning itself as an emerging player in the global voluntary carbon market, offering credible climate mitigation projects and generating economic opportunities for its citizens.
