Harare - In a landmark development for climate action, the United Arab Emirates' Blue Carbon and the Government of Zimbabwe have joined forces to pioneer forest emission reduction projects under the Paris Agreement's Article 6 ITMO framework.
The agreement covers an impressive 7.5 million hectares of forest land.
The project agreement was signed in Harare at a ceremony witnessed by President Emmerson Mnangagwa and Chairman of Blue Carbon, Sheikh Ahmed Dalmook Al Maktoum.
The partnership aims to spearhead emission reduction and removal projects in the Agriculture, Forestry and Other Land Use (AFOLU) sector in Zimbabwe and generate carbon credits in the form of Internationally Transferred Mitigation Outcomes (ITMOs), under Article 6 of the Paris Agreement.
This venture will not only unlock economic opportunities for Zimbabwe through carbon credit revenues but also ushers in a multitude of socio-economic benefits derived from the project investments.
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 is a fully owned subsidiary of Global Carbon Investments and specializes in establishing processes and templates that facilitate social development journeys for both the private sector and nations seeking to enhance their environmental assets.
The company also offers instrumental expertise through end-to-end development and facilitation services for nature-based carbon projects.
The partnership between Zimbabwe and the UAE is a significant step forward in the fight against climate change as it demonstrates the commitment of both countries to the Paris Agreement.
The projects that will be developed under this agreement will not only help to reduce emissions and conserve forests, but they will also provide economic and social benefits to local communities.