Dubai Company Seeks 20% of Zimbabwe's Land for Carbon Credit Initiatives

30 Sep, 2023

Dubai Company Seeks 20% of Zimbabwe's Land for Carbon Credit Initiatives

Dubai-based company Blue Carbon has made a significant move in its efforts to generate carbon credits by signing a memorandum of understanding (MoU) with Zimbabwe. Under this MoU, the company plans to create carbon credits from around 20% of Zimbabwe's expansive landmass, which covers approximately 150,000 square miles. This landmark agreement was announced in Harare, the capital of Zimbabwe, with Blue Carbon Chairman Sheikh Ahmed Dalmook Al Maktoum expressing confidence that it could potentially attract $1.5 billion in climate finance to the country.

The core focus of this partnership revolves around forest protection and rehabilitation, aiming to create carbon credits by safeguarding and restoring forests in Zimbabwe. Blue Carbon is no stranger to the African continent, as it is already actively engaged in similar initiatives in Liberia, where it seeks to produce carbon offsets from 10% of the country's land.

This collaboration holds immense potential not only for Blue Carbon but also for the Zimbabwean government. Earlier in the year, Zimbabwe had stirred the global carbon credit market by abruptly terminating existing projects and announcing its intention to claim half of all revenue generated. This decision sent ripples of concern among project developers and raised the possibility that other nations might adopt similar measures. However, in a subsequent development, Zimbabwe modified its regulations, revising its revenue share to 30%.

Carbon credits are a vital component of global efforts to combat climate change. Each carbon credit represents one ton of carbon dioxide or its equivalent either removed from the atmosphere or prevented from being emitted in the first place. These credits are purchased by entities that emit greenhouse gases as a means of offsetting their carbon footprint and contributing to environmental sustainability.

It is worth noting that Zimbabwe has close economic ties with the United Arab Emirates (UAE), which serves as the largest destination for Zimbabwean exports. This relationship underscores the significance of the partnership between Blue Carbon, a Dubai-based company, and Zimbabwe in the realm of carbon credit generation and climate finance.

In summary, the MoU between Blue Carbon and Zimbabwe marks a crucial step in the global efforts to mitigate climate change. By focusing on forest protection and restoration, this collaboration has the potential to bring substantial climate finance to Zimbabwe while simultaneously contributing to the global fight against carbon emissions. The partnership exemplifies the growing importance of carbon credits as a means of achieving environmental sustainability and reducing the impact of climate change on a global scale.