United Arab Emirates (UAE) based Global Carbon Investments (GCI) has entered into a US$1.5 billion deal with Zimbabwe's Environment Ministry for climate related ventures that will ensure the country ensures reduction of forest emissions.
The deal, entered into at State House in President Emmerson Mnangagwa's presence Thursday, will target 7.5 million hectares.
Sheikh Ahmed Dalmook Al Maktoum who is a member of the Dubai Royal family and Chairman of GCI was also present.
A Memorandum of Understanding (MOU) entered into between the two will also focus on Internationally Transferable Mitigation Outcomes (ITMOS), a framework for countries to transfer greenhouse gas (GHG) mitigation outcomes to other countries, or to parties based in other countries.
"As per the signed MOU, critical financing will be directed towards the prefinancing of carbon credit projects in Zimbabwe that will be developed by Blue Carbon, a GCI fully owned subsidiary and project developer, specialized in nature-based solutions.
"This momentous event follows a recently signed MOU between Blue Carbon and First Abu Dhabi bank, leveraging FAB's target of $7.5 Billion in sustainable financing investments. The Blue Carbon FAB collaboration aims to channel funding into crucial carbon projects, leading the way for massive financing opportunities of this kind," said GCI.
Zimbabwe is currently battling to deal with massive deforestation and land degradation.
The initiative is another of the mitigatory measures aimed to reduce impacts of the two scourges.