Tanzania Signs Major Deal

Tanzania recently inked a significant agreement for one of the largest land-based carbon credit initiatives in East Africa. Encompassing six national parks and spanning an impressive 1.8 million hectares (4.4 million acres), this project solidifies Tanzania's position as a key participant in the global carbon credit market, boasting nearly 48 million hectares of forest resources.

The initiative transpired amid the COP28 summit in Dubai, where leaders from around the world gathered to address climate change challenges.

The recently forged partnership involves Tanzania's national park management agency, Tanapa, and Carbon Tanzania, a locally based enterprise. Revenue generated from carbon credit sales will be directed towards Tanapa and local communities, according to an announcement by Carbon Tanzania. Beyond facilitating carbon credit trading, the project emphasizes the protection, conservation, and improved management of the designated national parks, preserving their natural ecosystems and critical wildlife resources.

Notably, Tanzania had previously entered into a preliminary agreement in February for an even more extensive carbon credit deal, covering 8.1 million hectares, which represents almost 8% of the country's total land area. This agreement involved Blue Carbon, a UAE-based company specializing in nature-based solutions and contemporary carbon removal projects.

Blue Carbon has also signed Memorandums of Understanding (MoUs) concerning carbon credits with other African nations, including Liberia, Kenya, Zambia, and Angola. If finalized, these agreements could potentially grant Blue Carbon control over substantial land areas in these countries for use in carbon credit production.