Blue Carbon, partnering with the government of Papua New Guinea (PNG), is actively engaged in projects aligning with the implementation of Article 6 of the Paris Agreement.
During COP28 in Dubai, Blue Carbon, a UAE-based environmental asset developer, and PNG marked a significant milestone by signing a Memorandum of Understanding (MoU). This reflects their dedication to advancing cooperative climate solutions at the conference.
The signing ceremony in Dubai featured Minister Simo Kilepa, responsible for Environment, Conservation, and Climate Change in PNG, along with Josiane Sadaka, Blue Carbon's CEO.
This notable event 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 family and chairman of Blue Carbon.
The updated and refined MoU strengthens the collaboration between Blue Carbon and Papua New Guinea, enabling a more in-depth exploration of projects, especially those associated with the implementation of Article 6 of the Paris Agreement.
This extended MOU represents a noteworthy achievement in global collaboration, establishing a foundation for bilateral discussions that promote a cooperative approach across diverse sectors of the economy.
This includes the application of best practice methodologies for the removal and reduction of GHG emissions, aligning with the evolving provisions of Article 6.
A significant facet of this initiative involves evaluating Papua New Guinea's extensive mangrove areas, which are pivotal for sequestering CO2 and delivering essential services to local communities.
Expanding their capabilities, this broadened scope allows for the creation of mitigation outcomes (MOs), which can be traded as Internationally Transferred Mitigation Outcomes (ITMOs). It signifies a crucial advancement in achieving National Determined Contributions (NDC) targets and promoting the overarching objectives of the Paris Agreement.
The MOU signing highlights the commitment of both parties to propel impactful climate action, acknowledging the pressing demand for global collaboration in addressing the challenges posed by a changing climate. This resonates with the discussions held at COP28.