To create a roadmap to sustainable economic development, starting from mapping and securitizing the country’s nature-based assets:
on Reduction of Carbon Emissions
The UAE being chosen as a host for COP28 is a vote of confidence for the country’s green economy initiatives and emission reduction policies says Ministry of Water and Environment in Uganda
Abu Dhabi, UAE, 19 January 2023: The Republic of Uganda represented by the Ministry of Water and Environment, and Green Economy Partnership (GEP), a UAE based company pioneering in developing and restoring the forestry for carbon capture, signed a Memorandum of Understanding (MoU) to conduct feasibility studies for exploration of carbon related opportunities and strategies for emission reduction in line with article 6 of the Paris Agreement.
The MoU that is intended to pave way for a well-defined Public Private Partnership (PPP), was signed between the Mr. Alfred Okot Okidi, Permanent Secretary, Ministry of Water and Environment and Arthur Chirkinian, CEO of Green Economy Partnership on the side-lines of World Energy Future Summit (WFES), which runs as a part of Abu Dhabi Sustainability Week (ADSW) until the 19th of January at Abu Dhabi National Exhibition Centre (ADNEC).
GEP builds upon the legacy of previous initiatives to create a simple roadmap to sustainable economic development, starting from mapping and securitizing nature-based assets. The Republic of Uganda is the first signatory to newly established GEP initiative to set a roadmap for the preparation of implementation of article 6.2 Paris agreement and International Transferable Mitigation Options (ITMO) in COP28.
In accordance with the agreement, GEP will provide advisory and project management services towards the development of low carbon strategies for the Ministry of Water and Environment for its forests, wetlands, natural lakes, rivers and land required to be reserved for ecological purposes. While the study conducted by GEP will determine the commercial and technical components of carbon related opportunities, it will also focus on determining the regulatory viability of the project.
“The Republic of Uganda’s long term development agenda is based on sustainable utilization of natural resources. This is well articulated in Vision 2040, National Development Plan III, the green development strategy 2017-2031 and updated NDC, which shares common goals with the UAE Green Economy Partnership, which is consistent of five strategic objectives: competitive knowledge economy, social development and quality of life, sustainable environment and valued national resources, clean energy and climate action, and green life and sustainable use of resources. The UAE leads with its efforts in green strategies, and the fact that the world chose them to host COP28 is a vote of confidence to their green economy initiatives and emission reduction policies. We are confident that our partnership with the UAE-based Green Economy will further accelerate our commitment to transition to Net Zero goals seamlessly and leverage Uganda’s role within the African continent to serve as a benchmark for other counties to follow,” said Alfred Okot Okidi, Permanent Secretary of the Ministry of Water and Environment in Uganda.
In line with the MOU, the two parties have agreed to share best practices and expertise related to the project, as well as jointly explore opportunities to implement ground-breaking solutions for decarbonization and protection of natural resources.
“We are pleased to support the Ministry of Water and Environment in Uganda on this ambitious project. Green Economy Partnership is the first carbon elimination standard for engineered carbon removal methods in the voluntary carbon industry. We want to mobilize the world to reverse climate change by removing its carbon emissions. Our expert and in-depth knowledge on this subject will not only offer the Ministry a deep dive into the challenges faced in conserving natural resources, but also provide practical steps towards reducing carbon emissions,” added Arthur Chirkinian, CEO of Green Economy Partnership.
“GEP have achieved to secure the third signature under Article 6.2 Paris Agreement that will enable Uganda’s Nature Based Assets to be reserved. Although Article 6.2 is already operational and has seen a few deals, notably by Switzerland, full operationalisation will only come into effect, once the full reporting rules are in place. This is largely expected to be an outcome of COP28,” added Chirkinian.
This collaboration is part of The Republic of Uganda’s efforts to identify the way forward to build a sustainable portfolio of innovative project assets and opportunities to support the conversion to a lower carbon future through collaborative efforts with industry partners. The intent is to announce and auction first lots during or immediately after COP28. This auction will be the first-of-its- kind, ITMO structured asset.