Dubai, United Arab Emirates--(Newsfile Corp. - October 25, 2023) - UAE-based Blue Carbon and the Republic of Kenya have signed a Framework of Collaboration (FOC) for the development of REDD+ projects and the origination of carbon credits, for millions of hectares of project area.
The FOC was signed with the State Department of Environment and Climate Change and underlined Blue Carbon's commitment to explore and support Kenya's Article 6 readiness as per the Paris Agreement, whereby carbon credits are generated in the form of Internationally Transferable Mitigation Outcomes (ITMOs) and aligned with national climate targets.
Prior to the signing of this momentous agreement, a delegation of esteemed official representatives from Kenya, including Mr. Augustine K. Kenduiwo, Deputy Director of Climate Change Mitigation, visited Blue Carbon's offices in the UAE to discuss potential avenues of collaboration and opportunities.
This FOC closely follows a groundbreaking partnership announcement between Blue Carbon and the Republic of Zimbabwe focused on the development of REDD+ projects, within an extensive land area of 7.5 million hectares and in compliance with the Article 6 ITMO framework. This comes as Blue Carbon's parent company, Global Carbon Investments, has also agreed on securing a remarkable $1.5 billion in prefinancing for carbon credits in Zimbabwe. Blue Carbon, in line with the ambitious drive of the UAE, has also recently signed MOUs with Liberia, Zambia, Tanzania, and Pakistan.
Aimed at reducing emissions from various sectors of the environment such as forest areas, the proposed activities will strive to conserve, promote sustainable management practices and explore the potential for carbon removal projects. Beyond its vital environmental impact, this collaboration promises to bring about a transformative wave of economic opportunities in Kenya, characterized by sustainable development investments and the establishment of pathways towards sustainable livelihoods for communities. The FOC proposes the delivery of robust economic and social growth opportunities, fostering a harmonious balance between environmental conservation and human well-being.
Blue Carbon's collaboration with the Republic of Kenya is poised to generate vital climate financing thereby advancing climate change mitigation and adaptation efforts, promoting sustainable development, and providing significant support for local communities.
Blue Carbon
Lesia Buinoza
info@bluecarbon.ae
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/185173
