MONROVIA – Liberia’s quest for foreign capital injection in some of the critical sectors of the economy is set to get a major boost as the government of the United Arab Emirates (UAE) has enlisted the country to be part of the beneficiaries of its $50 bn Blue Carbon Initiative as a result of the visit of President George Manneh Weah to that Gulf State.
According to a press release from the Ministry of Information, Culture Affairs and Tourism (MICAT) last night and signed by Minister Ledgerhood J. Rennie, a Memorandum of Understanding (MoU) to implement carbon removal projects in the forestry sector in Liberia has been signed under Article 6 of the 2015 Paris Agreement which represents an important step towards promoting sustainable forest management practices and fighting climate change across Liberia.
The MOU also aims at establishing a cooperation framework for the development of nature-based solution Projects in Liberia with Blue Carbon developing strategies to regulate carbon markets through transparency and audits for high-intensity carbon emissions throughout the country.
This important milestone MOU is in keeping with President Weah’s advocacy at COP26 in Glasgow, Scotland, and COP 27 in Sham El Sheik, Egypt for under-develop countries like Liberia whose emission rates are very low to be highly supported by the industrialized nations whose emissions rates are very high to continue to maintain their nature-based emission structures like the forest.
Blue Carbon will be responsible under the MOU to conduct feasibility studies, secure respective accreditation of the cooperation framework, and create the right structure. The company will also promote and engage the local communities to implement capacity-building initiatives for enhancing forestry initiatives in Liberia and is to 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.
Finance and Development Planning Minister Samuel D. Tweah Jr. in remarks welcoming the signing of the MUO expressed his appreciation to Blue Carbon saying he is confident that the collaboration will help bolster Liberia’s goals to achieving Net Zero Carbon Emission seamlessly.
He said Liberia under the leadership of President Weah has over the years been at the forefront of awareness about the importance of maintaining the forest ecosystem for long-term health benefits of the many forest communities in the country.
Speaking also during the signing of the MOU Sheikh Ahmed Dalmook Al Maktoum said, Blue Carbon was excited and honored to enter into the agreement with Liberia. He said it marked 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.
This is the third agreement in recent months following Tanzania and Zambia entered into by the UAE-based Blue Carbon. It is a multi-ministerial and agency collaborative framework of the Liberian Government involving the Ministries of Finance and Development Planning, Justice, Agriculture, the Forestry Development Authority, the Environmental Protection Agency, and the Liberia Maritime Authority.
Blue Carbon was 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. It also 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 ready to honor this commitment through its inclusive, practical, and integrated approach to accelerate progress on climate action.