tawandamusarurwa
Online Reporter
Zimbabwe and the United Arab Emirates (UAE)’s Blue Carbon have signed an historic agreement to pioneer forest emission reduction projects under the Paris Agreement’s Article 6 Internationally Transferred Mitigation Outcomes (ITMO) framework.
The agreement, which was signed in Harare on Friday, covers an impressive 7,5 million hectares.
Zimbabwe was represented by Environment, Climate and Wildlife Minister Mangaliso Ndlovu, while Blue Carbon was represented by its chief executive officer Josiane Sadaka.
The signing ceremony was witnessed by President Mnangagwa, His Highness, Sheikh Ahmed Dalmook Al Maktoum, the chairperson of Blue Carbon.
Also present were senior officials from the United Nations Development Programme (UNDP).
The agreement is aimed at spearheading emission reduction and removal projects in the AFOLU sector in Zimbabwe, and generate carbon credits in the form of ITMOs, under Article 6 of the Paris Agreement.
The venture is expected to unlock economic opportunities for Zimbabwe through carbon credit revenues, and yield various socio-economic benefits derived from the project investments.
Said President Mnangagwa:
“Guided by the bilateral cooperation agreement between our two countries, Zimbabwe and the United Arab Emirates, we continue to witness more milestones in the promotion of investment, the latest of which is our engagement in Low-Carbon Development programmes.
“This development comes at an opportune time as the national framework and law to guide and govern trade in carbon credits is now in place.”
The agreement also commits to a comprehensive community engagement approach and inclusive community consultations that ensure the delivery of economic and social growth opportunities, and the promotion of sustainable development.
As the world eagerly anticipates 2023 United Nations Climate Change Conference (COP28), this historic partnership marks a significant 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.
Bongani Ndlovu