Papua New Guinea (PNG) has entrusted its carbon regulation framework to Blue Carbon, a Dubai-based company incepted under the vision of Sheikh Ahmed Dalmook Al Maktoum to support carbon removal projects across the world. 

 

The PNG move follows a series of governmental bans and moratoriums imposed on carbon projects in the southwestern Pacific nation.

 

Signed between Don Polye, Minister of Higher Education, Research, Science & Technology and Sports of PNG, and Sheikh Ahmed Dalmook Al Maktoum, Chairman of Blue Carbon, the partnership aims to develop framework and strategies to regulate carbon markets through transparency audits for high intensity carbon emissions in PNG. Blue Carbon will carry out research activities and develop initiatives for the development of carbon emission reduction projects in the forestry sector in PNG.

 

The agreement is in line with the ministry’s complete confidence in Blue Carbon’s stature in designing and developing frameworks for regulated carbon projects, as well as Dubai’s gained credence in the legitimate carbon community, said a statement. 

 

 “We are pleased to collaborate with Blue Carbon, the world’s leading carbon credit organisation, to create a regulatory framework for future and existing deals related to carbon markets. Considering the recent spring of events, it was only natural to have a company as reputed and established as Blue Carbon to design a robust framework to regulate the carbon market in PNG. We are confident that this collaboration will enable the deforestation projects to be brought under a strategic compliance system through a transparent approach that will benefit the country and its local communities,” said Polye.

 

As a part of the agreement, Blue Carbon will mobilise resources for rehabilitation and conservation of existing forests in PNG. The company will also conduct preliminary research, feasibility studies, develop Emission Reduction Purchase Agreements (ERPA) and secure investment financing for the project. Blue Carbon will also monitor, maintain and protect the site from material degradation throughout the project period, as well as raise awareness about the importance of forest ecosystem.

 

“It is a pleasure to associate with the Ministry of Higher Education, Research, Science & Technology and Sports in PNG. Blue Carbon has been at the forefront of sustainability and our partnership with the Ministry is an effort to develop a definitive agreement that will help the country protect their vulnerable forests and help PNG strengthen its technical capabilities to prevent carbon scams,” said Sheikh Ahmed.

 

Blue Carbon CEO Josiane Sadaka said: “We at Blue Carbon will explore ways of accelerating the transition of PNG into de-carbonized economy as well as intensify our global fight against climate change leveraging on PNG’s natural resources.”    

 

Recently, PNG has issued a moratorium on voluntary carbon credit deals in a bid to protect its forests and people from carbon scams. Any future projects will be vetted by Blue Carbon’s regulatory framework to ensure forest conservation in PNG. 

 

Blue Carbon offers solutions to boost efforts needed to reduce energy-related carbon emissions to net-zero level by 2050 in compliance with the Paris Accords. Moreover, the company serves as an enabler of blue and green economy operational frameworks that sets the agenda for the implementation of international climate agreements, the company said. – TradeArabia News Service