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The Word Bank has recognised Zambia as one of the countries determined to implement carbon removal projects following an agreement the country recently signed with a United Arab Emirates based company, Blue Carbon, to reduce greenhouse gas emissions.
In the “State and Trends of Carbon Pricing 2023” report released this month by the bank, it pointed out that Liberia, Tanzania, and Zambia had made headways to cooperate under Article 6 of the 2015 Paris Agreement by reached bilateral pacts.
Zambia this year, through Green Economy and Environment Minister, Collins Nzovu, and in the presence of President, Hakainde Hichilema, signed a strategic Memorandum of Understanding (MoU) to implement carbon removal projects in forest sector under Article 6 of the 2015 Paris Agreement.
As part of the agreement, Blue Carbon will identify and implement strategies for Zambia’s forest landscapes to generate carbon credits.
The company will also create sustainable forest management practices as reforestation, forest restoration, forest conservation, and more for over eight million hectares of forest land in Zambia.
It is for this reason, among others, that the World Bank indicated that the number of countries planning to cooperate under Article 6.2 continued to grow.
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“Even though further guidance for Article 6.2 is still being developed at the international level, countries are nevertheless pushing forward with implementation. In 2022, many countries looking to cooperate under Article 6.2 reached bilateral agreements.
“The past year also saw memoranda of understanding signed between United Arab Emirates–based company Blue Carbon with the governments of Liberia, Tanzania, and Zambia, while the Republic of Korea is currently in negotiations with several countries to establish cooperation agreements.,” the bank stated.
At COP27, the bank stated, Ghana and Vanuatu, in partnership with Switzerland and the United Nations Development Programme, presented the first projects to generate authorised emissions reductions under Article 6.2,151 and in February 2023, Thailand and Switzerland authorized the first Article 6 program in Asia.
It pointed that Singapore had also signed a number of MoUs with crediting mechanisms in the context of supplying credits for its carbon tax.
“The increasing number of agreements reflects the fact that ever more governments consider Article 6 an important tool to reach their Nationally Determined Contributions (NDC) targets,” the bank stated.
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