Dubai-based Blue Carbon has secured a $1.5 billion memorandum of understanding with Zimbabwe to generate carbon credits through forest protection and rehabilitation, covering nearly a fifth of the country’s landmass. This marks Blue Carbon’s fourth African venture in 2023, following similar initiatives in Liberia, Zambia, and Tanzania, totaling rights to develop carbon offset projects across 24.5 million hectares. The company, led by a member of Dubai’s royal family, Ahmed Dalmook Al Maktoum, focuses on investing in energy and conservation projects that produce tradable carbon credits. Zimbabwe’s President Emmerson Mnangagwa anticipates this deal will not only address the nation’s financing gap but also support community engagement and local people. This agreement follows Zimbabwe’s revised carbon laws, aiming to attract investors by allowing them to retain a 70% profit share. The UAE, set to host COP28, strengthens its climate ties with Zimbabwe, with the UAE Carbon Alliance committing to purchase $450 million in credits by 2030.
A Dubai-based firm signs a $1.5B MOU with Zimbabwe for extensive carbon credit projects spanning a fifth of the African nation’s landmass.
Source: Dubai’s Firm Inks $1.5B Carbon Credit Deal with Zimbabwe