Following the visit of George Manneh Weah, President of the Republic of Liberia to the UAE, Blue Carbon, the UAE-based entity, and the Republic of Liberia, through the Ministry of Finance and Development Planning, signed a Memorandum of Understanding (MoU), to implement carbon removal projects in forest sector under Article 6 of the 2015 Paris Agreement.
This is third agreement in recent months following Tanzania and Zambia. This also represents an important step towards promoting sustainable forest management practices and fighting the climate change across Liberia.
Blue Carbon is established under the vision of Sheikh Ahmed Dalmook Al Maktoum, a member of the Dubai Royal Family and Chairman of the company. The Dubai based company’s mandate is to create environmental assets, nature-based solutions and register carbon removal projects. Moreover, it serves as an enabler of blue and green economy operational frameworks, by deploying nature-based solutions in the context of de-carbonization using the latest technology and green economy principles. Given that the UAE has declared 2023 the Year of Sustainability ahead of the country’s staging of the COP28 climate summit, Blue Carbon aims to support innovation in the sustainability sector and accelerate the UAE’s initiative of curbing carbon emissions.
Recently, the UAE invested more than $50bn in renewable energy projects across 40 countries, and it plans to double that over the next decade. Blue Carbon is all set to honour this commitment through its inclusive, practical and integrated approach to accelerate progress on climate action.
The MoU was signed between Samuel D. Tweah Jr., Minister of Finance and Development Planning and Chair of National Climate Change, Jeanine Cooper, Minister of Agriculture, and attested by Frank Musah Dean, Minister of Justice and Attorney General, Lenn Eugene Nagbehas, Commissioner of the Liberia Maritime Authority, C. Mike Doyen, Managing Director of the Forestry Development Authority, Wilson Tarpeh, Executive Director of the Environmental Protection Agency, and the Chairman of Blue Carbon, Sheikh Ahmed Dalmook Al Maktoum. The ceremony was also witnessed by Trokon A. Kpui, the Ministry of State. Through this MoU Blue Carbon will focus on implementing low-carbon strategies, activities, projects and programmes, specifically the development of various carbon emission reduction projects in the forestry sector in Liberia.
While the agreement aims to establish a cooperation framework for the development of nature-based solution Projects in Liberia, Blue Carbon will also develop strategies to regulate carbon markets through transparency and audits for high intensity carbon emissions across the Republic.
Commenting on the MoU, Sheikh Ahmed Dalmook Al Maktoum said, “We are honored to sign this MoU with The Republic of Liberia. This bilateral association marks another milestone for Blue Carbon to enable government entities to define their sustainable frameworks and help transition to a low-carbon economical system, thus reaching their Net Zero goals in compliance with the transferability of credits under Article 6 of the Paris Agreement.”
As per the terms of the partnership, Blue Carbon will be responsible for the development of feasibility studies, securing respective accreditation of the cooperation framework, and creating the right structure. The company will also promote and engage the local communities to implement capacity building initiatives for enhancement of forestry initiatives in Liberia.
Moreover, Blue Carbon will create synergies and identify projects for COP 28 to be hosted in the UAE in 2023, including identifying forest areas and regions that can be utilized to earn carbon credits.
“We are pleased to associate with Blue Carbon to monitor, maintain and protect our project sites from forest degradation and deforestation. The Republic of Liberia has been at the forefront of raising awareness about the importance of forest ecosystem for the long-term health of the communities in the country. We are confident that this collaboration is another step forward for us to mark an era of sustainability, that will help us accelerate our goals to achieve Net Zero Carbon Emissions seamlessly,” said Liberia’s Finance and Development Planning Minister Samuel D.Tweah Jr.
Via the MoU, the Republic of Liberia has identified areas of natural forest land to enable Blue Carbon to develop a pilot project for forest preservation and conservation for carbon related projects free of encumbrances.