Islamabad: Blue Carbon and the Government of the Bahamas, during COP28 in Dubai, on Friday formally signed a Memorandum of Understanding (MoU) to explore carbon credit opportunities from transformative projects within the Bahamas.
Amidst global climate action discussions, the signing ceremony represents a significant move towards collaborative efforts aligned with the goals of the Paris Agreement.
This endeavor seeks to reduce carbon emissions and promote sustainable development on a broader scale.
This MoU symbolizes their partnership to explore and champion carbon credit facilitation opportunities stemming from transformative projects in The Bahamas. Blue Carbon, an environmental solutions provider based in the UAE, and the Government of The Bahamas establish an innovative collaboration at COP28 to enhance climate resilience and promote initiatives for carbon credits.
The MoU delineates a strategic partnership between Blue Carbon and the Bahamian government, specifically emphasizing initiatives related to blue carbon. These efforts target the conservation, restoration, and enhancement of seagrass ecosystems, biodiversity, and the maintenance of coral reefs. Historically impacted by hurricanes and severe weather events, The Bahamas urgently requires solutions to address the harm inflicted on marine life, intensified by climate change stressors. These include elevated sea surface temperatures causing coral bleaching on the nation’s reefs.
The partnership also aims to bring adaptation benefits to local communities and the environment, enhancing resilience and reducing vulnerability to climate change. By focusing on blue carbon initiatives, the collaboration seeks to safeguard marine ecosystems from the impacts of hurricanes and extreme weather events.
The MOU also paves the way for the engagement of The Bahamas in the opportunities provided by Article 6 carbon markets, as Blue Carbon will work with the government to facilitate the establishment of Article 6 infrastructure in accordance with UNFCCC guidance. Blue Carbon will concentrate on identifying prospects for crafting credits compliant with Article 6, specifically involving Internationally Transferred Mitigation Outcomes (ITMOs). Recognized as high-integrity carbon credits within the Paris Agreement, these credits signify measurable emissions reductions adhering to rigorous criteria, ensuring their environmental integrity and credibility. Representatives from Blue Carbon, the Government of The Bahamas and distinguished guests graced the signing ceremony, underscoring the collaborative endeavor essential for addressing global climate change challenges.
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