Dodoma. A company based in Dubai in the United Arab Emirates, Blue Carbon and the Tanzania Forest Services Agency have signed a Memorandum of Understanding (MoU) that marks the start of a collaboration in the promotion of sustainable forest management practices and reducing greenhouse gas emissions in Tanzania.
The signing took place during the visit of Blue Carbon team to Tanzania.
During the visit, the Blue Carbon founder and chairman who doubles as a member of the Dubai Royal Family, Sheikh Ahmed Dalmook Al Maktoum, also met with President Samia Suluhu Hassan.
Under the partnership, the two parties commit to supporting the government’s efforts to conserve, manage and register its forest resources of eight million hectares in the first phase including 56,000 hectares of mangroves.
The credits will then be sold under Article 6 of the Paris Agreement, Blue Carbon said in a statement yesterday. This will strengthen the partnership between the two countries in developing new carbon offset projects to support decarbonization targets.
“We are honoured to sign this MoU with the Government of Tanzania [through the Tanzania Forest Services Agency which is under the Ministry of Natural Resources and Tourism],” said Sheikh Ahmed Dalmook Al Maktoum.
The partnership will also provide opportunities for local communities to participate in carbon offset projects, thereby promoting sustainable economic growth and improving livelihoods.
“The signing of the MoU is a clear demonstration of Blue Carbon’s commitment to promoting nature-based solutions to mitigate and adapt to the impacts of climate change as well as demonstration the company’s efforts to transit to low carbon development,” the statement reads.
Established under the vision of Sheikh Ahmed Dalmook Al Maktoum, Blue Carbon was formed to create environmental assets, nature-based solutions and register carbon removal projects under Article 6 of the Paris Agreement. Blue Carbon serves as an enabler of blue and green economy operational frameworks, which deploys nature-based solutions in the context of de-carbonization using the latest technology and green economy principles.
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The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
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Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
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