Projects covering 10% of Zambia & Liberia’s land have been signed with a UAE-based company.
Over the last year, the carbon offset industry has faced a barrage of investigations on instances of abuse and attracted disapproval from multiple quarters. The spotlight now is on the development of United Nations-based markets under Article 6 of the Paris Agreement and new labels that promise to instill renewed faith in offsetting, including, in the control of large swathes of land in the developing world.
A series of carbon offset agreements that a UAE-based company signed successively in 2023 garnered attention before and during the 28th Conference of Parties to the United Nations Framework Convention on Climate Change (COP28). These deals involve the transfer of carbon rights over vast expanses of land for reforestation, forest restoration and conservation efforts.
The company in question is Blue Carbon, a fully owned subsidiary of Global Carbon Investments, owned by Sheikh Ahmed Dalmook Al Maktoum, a member of the Dubai Ruling family, according to the company’s official profile.
In February last year, a memorandum of understanding (MoU) was signed between the government of Tanzania and Blue Carbon. It aimed to support the government’s efforts to conserve and manage 8 million hectares of forest resources, including 56,000 hectares of mangroves.
Subsequently, a number of other such agreements were signed, by Blue Carbon as well as other private entities.
Read more: downtoearth.org.in