Zim inks pact with UAE’s Blue Carbon for climate a...

Zim inks pact with UAE’s Blue Carbon for climate ambitions - A milestone for Paris Agreement’s Article 6

Zim Now Writer

The Government of Zimbabwe and the United Arab Emirates’ Blue Carbon have signed a historic agreement in Harare yesterday to pioneer forest emission reduction projects under the Paris Agreement’s Article 6 Internationally Transferred Mitigation Outcomes framework within 7.5 million hectares.

The agreement, which was signed by Ministry of Environment, Climate, Tourism and Hospitality Industries Minister Nqobizitha Mangaliso Ndlovu, and Josiane Sadaka, Blue Carbon’s CEO, was witnessed by President Emmerson Mnangagwa along with His Highness, Sheikh Ahmed Dalmook Al Maktoum, Member of the ruling family of Dubai and Chairman of Blue Carbon as well as senior UNDP officials.

This comes as Global Carbon Investments - a trailblazing green investments vehicle, has committed to pre-finance carbon credit projects in Zimbabwe that will be developed by the firm.

Blue Carbon is expected to develop nature-based solution projects in the agriculture, forestry and other land use sector on around the 7.5 million hectares of Zimbabwean forest.

The collaboration with Zimbabwe builds upon significant global discussions, including those stemming from the Africa Climate Summit, UN General Assembly deliberations, and NY Climate Week, all of which underscore the imperative to accelerate and collectively enhance climate ambitions. It underscores the pressing urgency to address climate change, emphasising the indispensable role of climate financing and collaborative partnerships, as exemplified by this remarkable alliance.

“This strategic collaboration seeks to unlock the economic potential of Zimbabwe’s abundant natural resources by securing US$1.5 billion in prefinancing for the development and sale of future carbon credits, in the form of ITMOs …” reads a statement released at the ceremony.

The agreement also commits to a comprehensive community engagement approach and inclusive community consultations in order to ensure the delivery of economic and social growth opportunities as well as the promotion of sustainable development in the country.

“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,” reads the statement.

The indispensable role of climate financing and collaborative partnerships, as exemplified by this remarkable alliance is also emphasised.

The project, which is aimed at spearheading emission reduction and removal projects in the AFOLU sector in Zimbabwe and generate carbon credits in the form of ITMOs, will not only unlock economic opportunities for Zimbabwe through carbon credit revenues but also usher in a several socio-economic benefits derived from the project investments.

As the world inches towards COP28, due to be held in Dubai, the agreement marks a milestone in the critical operationalisation 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 is a fully-owned subsidiary of Global Carbon Investments, established under the patronage of Sheikh Ahmed Dalmook Al Maktoum and specialises in establishing processes and templates that facilitate social development journeys for both the private sector and nations seeking to enhance their environmental assets.