Blue Carbon, partnering with the federal government of Papua New Guinea (PNG), is actively engaged in initiatives aligning with the implementation of Article 6 of the Paris Settlement.
Throughout COP28 in Dubai, Blue Carbon, a UAE-based environmental asset developer, and PNG marked a major milestone by signing a Memorandum of Understanding (MoU). This displays their dedication to advancing cooperative local weather options on the convention.
The signing ceremony in Dubai featured Minister Simo Kilepa, chargeable for Setting, Conservation, and Local weather Change in PNG, together with Josiane Sadaka, Blue Carbon’s CEO.
This notable occasion witnessed the presence of James Marape, the Prime Minister of PNG, and His Highness Sheikh Ahmed Dalmouk Al Maktoum, a distinguished member of the Dubai Royal household and chairman of Blue Carbon.
The up to date and refined MoU strengthens the collaboration between Blue Carbon and Papua New Guinea, enabling a extra in-depth exploration of initiatives, particularly these related to the implementation of Article 6 of the Paris Settlement.
This prolonged MOU represents a noteworthy achievement in world collaboration, establishing a basis for bilateral discussions that promote a cooperative method throughout numerous sectors of the financial system.
This consists of the applying of finest follow methodologies for the elimination and discount of GHG emissions, aligning with the evolving provisions of Article 6.
A major side of this initiative includes evaluating Papua New Guinea’s intensive mangrove areas, pivotal for sequestering CO2 and delivering important providers to native communities.
Increasing their capabilities, this broadened scope permits for the creation of mitigation outcomes (MOs), which may be traded as Internationally Transferred Mitigation Outcomes (ITMOs). It signifies a vital development in attaining Nationwide Decided Contributions (NDC) targets and selling the overarching aims of the Paris Settlement.
The MOU signing highlights the dedication of each events to propel impactful local weather motion, acknowledging the urgent demand for world collaboration in addressing the challenges posed by a altering local weather. This resonates with the discussions held at COP28.