LILONGWE-(MaraviPost)-Barely a few weeks after the Ministry of Natural Resources and Climate Change launched the Carbon Market Framework, the Ministry has signed a carbon market trade agreement with Green Economic Partnership (GEP).
This United Arab Emirates-based company will undertake a carbon emission reduction project.
The signing ceremony took place at the Ministry’s Lilongwe corporate office on Tuesday.
During the event, Minister of Natural Resources and Climate Change Dr Owen Chomanika said GEP will conduct its operations at Namizimu Forest Reserve in Mangochi district.
He said that over 21 million trees are expected to be planted before starting operations.
Dr Chomanika said the forest has 37,000 hectares and will, therefore, be able to produce 12 million tonnes of carbon.
“We have been in discussion with this partner for almost two years, as you know, we had no framework for this, and we lacked a basis for doing such business. Now with the framework in place, players are coming forward.
“I have to say that besides bringing revenue, Malawi will also be able to improve its forest cover due to afforestation, and the livelihoods of the community surrounding the forest will also improve due to the economic activities of the project,” said the Minister.
On his part, Principal Secretary in the Ministry of Natural Resources and Climate Change, Dr Yusuf Mkungula, said the coming in of GEP means that Malawi has started making strides in carbon Trade.
Dr Mkungula said the newly launched carbon market framework has the potential to attract more players in the trade.
Carbon Trade is a sustainable environmental initiative that aims to mitigate carbon emissions through reforestation and foster environmentally friendly practices. It generates revenue for participating countries.
Meanwhile, Chief Executive Officer for GEP, Arthur Chirkinian, disclosed that they are planning to implement the project in various forest reserves, as Malawi has a conducive environment and abundant resources for trade.
He said the project will also offer job opportunities to many Malawians.