A Dubai-based company, Blue Carbon, inked a deal with Zimbabwe to create carbon credits from offsetting projects in the African country involving almost a fifth of its total landmass.
The two parties signed a memorandum of understanding (MoU) worth $1.5 billion to fund forest protection and rehabilitation projects. The carbon sequestered of the forests will generate the corresponding amount of carbon credits.
Carbon credits are a tradable instrument that allows companies and other entities to compensate for their carbon emissions by financing projects that reduce or remove CO2 from the atmosphere. A credit represents a ton of CO2 removed.
Read more: carboncredits.com