Dominica and UAE-based Blue Carbon have officially signed a Memorandum of Understanding (MOU) to cooperate on carbon trading aligning with Paris Agreement Article 6 objectives, focusing on climate change initiatives for carbon mitigation and removal across diverse sectors.
The MoU signing marks a substantial stride in cultivating collaborative efforts to achieve climate targets, enabling increased ambition in mitigation actions while championing sustainable development and environmental integrity.
The signing ceremony took place in Dubai on Thursday, featuring the presence of Roosevelt Skerrit, the Prime Minister of the Commonwealth of Dominica, and Sheikh Ahmed Dalmouk Al Maktoum, Chairman of Blue Carbon.
Article 6 of the Paris Agreement details the mechanisms for worldwide cooperation, involving the identification and assessment of prospects to generate tradable mitigation outcomes (MOs) known as International Transfer Mitigation Outcomes (ITMOs).
The agreement also paves the way for initiating bilateral negotiations on binding agreements, establishing the framework for the authorization of ITMOs and their transfers based on the provisions of Article 6.2 and the preapproved methodologies of 6.4 of the Paris Agreement.
Moreover, the strategic alliance between the Commonwealth Government of Dominica and Blue Carbon carries special importance considering the distinctive challenges encountered by small island nations, like Dominica, amidst the impacts of climate change.
Small islands, like Dominica, face outsized impacts from rising sea levels and extreme weather. The MoU initiatives not only contribute to global climate goals but are vital for fostering adaptation and resilience in Dominica.
By prioritizing sustainable development and comprehensive climate initiatives, the collaboration aims to mitigate the catastrophic consequences of climate change, ensuring a more secure and resilient future for the people of Dominica.
This added dimension reinforces the commitment of both parties to address the specific needs of vulnerable nations and build a foundation for sustainable development that withstands the challenges posed by a changing climate.
Recognizing the strategic importance of their cooperation, Blue Carbon and the Government of Dominica are poised to merge their expertise and resources. Their goal is to formulate shared strategies that advance sustainable development, generate financial returns, create jobs, and facilitate carbon credit transfers.
Blue Carbon is a leader in the space of environmental asset creation and nature-based solutions, specializing in the development of projects for carbon credit origination and focusing on bilateral agreements and compliance markets.
At the core of the Caribbean, Dominica is committed to championing sustainability and environmental integrity. Working to enhance climate resilience, the nation is addressing vulnerabilities for a resilient future.