Blue Caborn, a company based in United Arab Emirates (UAE) and the Government of Zimbabwe signed a historic agreement on Friday in the capital Harare to begin the first projects to reduce forest emissions under in accordance with Article 6 ITMO of the Paris Agreement.
The project, which will cover 7.5 million hectares, will bring hundreds of millions of dollars to the Zimbabwean government and its people.
The agreement was signed by Zimbabwe’s Minister of Environment, Climate and Wildlife, Nqobizita Mangaliso Ndlovu, and Josiane Sadaka, the CEO of Blue Carbon.
His Excellency Emmerson Dambudzo Mnangagwa, the President of the Republic of Zimbabwe, as well as His Highness Sheikh Ahmed Dalmook Al Maktoum, the Chairman of Blue Carbon and a member of Dubai’s ruling family, and senior UNDP officials all witnessed the signing of the agreement.
In accordance with Article 6 of the Paris Agreement, this forward-thinking partnership aims to lead initiatives to reduce and eliminate emissions from the AFOLU sector in Zimbabwe and produce carbon credits in the form of ITMOs (Internationally Transferred Mitigation Outcomes).
Through the sale of carbon credits, this project has the potential to not only create new economic opportunities for Zimbabwe but also to bring about a wide range of socioeconomic advantages.
As Zimbabwean forests grapple with mounting threats of deforestation and degradation, these projects are particularly important in fortifying forest conservation efforts and propelling vital climate mitigation actions. It is worth noting that the designated areas will undergo a meticulous scoping process, to select optimal project sites and determine suitable REDD+ activities.
The agreement also commits to a comprehensive community engagement approach and inclusive community consultations that ensure the delivery of economic and social growth opportunities as well as the promotion of sustainable development.
As the world eagerly anticipates COP28, this historic partnership marks a significant milestone in the critical operationalization of the Paris Agreement’s Article 6, highlighting the crucial role of the private sector in ramping up ambitions and facilitating the achievement of Net-Zero and climate goals.
Blue Carbon, a wholly owned subsidiary of Global Carbon Investments, was founded with the prestigious support of Sheikh Ahmed Dalmook Al Maktoum.
Leveraging the UAE’s visionary developmental and entrepreneurial spirit, Blue Carbon specializes in establishing processes and templates that facilitate social development journeys for both the private sector and nations seeking to enhance their environmental assets.
Blue Carbon offers instrumental expertise through end-to-end development and facilitation services for nature-based carbon projects.