CHIMWAMUROMBE AND LEON GONA
The effects of climate change have been laid bare by the ravaging effects of the El Nino weather system that has brought on an impending drought.
As the national discourse begins to take shape vis-à-vis contingent measures to mitigate the impact of climate change, it becomes imperative to ensure that the legal framework for said measures is contextualized in the form of a cogent and comprehensive climate change law.
In simple terms, the stage is set for the introduction of climate change laws.
Currently there are policy initiatives through the relevant line ministry and other pieces of subsidiary legislation that seek to tackle ancillary issues pertaining to climate change, but the legislature has yet to proverbially speaking take the bull by its horns.
Beyond legislative solutions, there is also ample scope for self — regulation that would ensure agile and adaptive solutions to the question of climate change. It is opined that a convergence of legislation and novel market driven standards and policies would usher Zimbabwe into the era of combating climate change holistically.
The 2023 United Nations Climate Change Conference, more commonly known as COP28 saw the caucus of African nations fail to agree to restricting its greenhouse emissions on the premise of principle of common but differentiated responsibilities.
The principle entails that while there’s a duty on all countries to take climate action, the types of action they take will depend on their differing national circumstances.
Whilst it is an admitted fact that the continent has not produced nearly as much carbon emissions as the developed world, it has been used as a crutch that has inevitably become an impediment to countries like Zimbabwe stalling on legislating on climate change in a practical way.
It is imperative that the legislature assumes a proactive role in the quest to legislate on climate change and ensure that the country’s laws are not reactive to the phenomenon that is climate change.
The law must set out a context in which a player in any given industry can compute their carbon footprint and the permissible limits thereto.
The mantel on ensuring climate change legislation should not rest squarely with the legislature, as it is the responsibility of every individual and person to usher in a sustainable operating environment.
It follows that the obligation rests equally on the private sector to partake in ensuring regulations and policy that are cognizant of climate change are implemented.
The scope for greater investment by the private sector is evidenced by the sole fact that up until the Zimbabwe Stock Exchange amended its regulations to require that all listed companies should submit sustainability reports only a handful of the firms listed on the bourse had done so.
It therefore becomes important to emphasize the importance of taking climate change seriously.
There is a whole economy and possibilities plus equity available globally that both the public and private sector in Zimbabwe can utilize in its quest to construct a green economy, and the first step in that journey begins with climate change legislation.
The key consideration to any climate change legislation are targets differentiated by industry.
The said targets can only be given life through transparent and strictly monitored reporting standards validated through inspections.
A data driven approach allows the legislation to be nimble and to speak to the issues to be addressed.
In an era where companies across the globe have been engaged in illicit practices of green washing, it is therefore imperative to interrogate and enquire whether the present enforcement agencies would be adept to enforce climate change laws or whether a dedicated agency may be better served to fulfil such mandate.
It goes without saying that such enforcement agencies must be well equipped with sanctions, penalties and remedial alternatives to enhance the deterrent effect of said measures.
More pertinently it is further opined that climate laws must translate to fiscal laws, as such the laws must translate to tax credit or tax breaks for those seen to be taking the initiative and at the forefront of ushering in a green economy whilst punitive tax rates may be considered against those who continuously expend greenhouse emissions beyond prescribed levels.
The private sector initiatives are well placed and better suited to adapt to market forces but more importantly attract global capital that is increasingly flowing to sustain entities participating in the green economy.
Intra company policies towards engaging and participating in a green economy may include initiatives like becoming paperless, a policy initiative which ultimately impacts the rate of deforestation and therefore climate change.
It is increasingly becoming common practice for entities to publish their sustainability policies and many incorporate policies such as going paperless. Businesses in Zimbabwe are capable of being transformative within their sphere, if they can engage in sustainability initiatives that ultimately allow them to access the growing equity open for sustainable businesses fostering or participating in a green economy.
It is this authors considered opinion that the business judgment rule thrust upon management and directors of a company in terms of the Companies and Other Business Entities Act enjoins same to place green and sustainability policies at the forefront of any businesses stewards, particularly on operating with the overarching existential threat of climate change.
Whilst the enforcement of sustainability reporting has been recently emphasized particularly to the ZSE listed entities, such policy measures have been in place for a number of years.
It therefore shows the need for business executives to understand the new world ushered in by the drive towards a green economy and the vast opportunities that lay within that arena. It would be negligent to fail to position one’s business towards sustainability and green policies.
In conclusion the scene is set for legislation to show the countries dedication to tackling the climate change conundrum faced by this present generation and which also threatens future generations.
Equally enjoined in the call to fight climate change through policy initiatives is the private sector. Their adeptness to the dictates of capital will usher in novel solutions that shall found the strong foundations of a green economy within Zimbabwe.
The future is bright; the future is green but only if stakeholders across the public- private sector divide collectively tackle the problem of climate change; and it starts by collaborative policy approach.
Fungai Chimwamurombe is a registered legal practitioner and Senior Partner at Chimwamurombe Legal Practice and can be contacted for feedback at fungai@zenaslegalpractice.com and WhatsApp 0772 997 889.
Leon Gona is a registered legal Practitioner and an Associate at Chimwamurombe legal Practice and can be contacted for feedback at leon@zenaslegalpractice.com. Whatsapp +263 77 245 1360
