The Tanzania Wildlife Management Authority (TAWA) and GreenCop Development PTE, Ltd., have signed a Memorandum of Understanding (MOU) to develop carbon offset projects focused on the conservation of 2.4 million hectares of forest in the souther part of the country.
The significant potential for income from the voluntary carbon market in the coming decades is the main driver behind the new partnership, with demand for carbon credits set to skyrocket in the coming years and decades.
For Tanzania the project also brings other added benefits. By preserving and protecting the natural systems in its three game reserves – Selous, Msanjesi and Kilombero – the country will also see more job creation and an adherence to its own carbon emission goals.
“The partners in this MOU are joined by a shared vision to secure the long-term financial viability of the Selous, Msanjesi, and Kilombero game reserves by protecting nature and addressing climate change, whilst generating financial and economic benefits for local community by selling carbon credits on the international voluntary carbon market,” said TAWA Conservation Commissioner, Mr. Mabula Nyanda.
One of the caveats of the projects is the direct involvement of the local communities, as well a direct benefit for them when it comes to distributing income and revenue from the carbon offsets.
This new agreement is another chapter in the partnership with GreenCop in Tanzania, as the company has been working on preserving the Selous game reserve since 2004 with local authorities.
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Joining the carbon offset project on GreenCop’s side are also Posaidon Capital AG, a global green finance advisory, as well as Tanzania Victory Attorneys as local consultants.
The announcement of the project comes shortly after Zimbabwe announced it will be taking control of its carbon credit management, voiding previous agreements and nationalizing management of offsets.
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