The United States government, through its Agency for International Development (USAID), has announced a new programme, “PLANETA”, which will facilitate international investment in nature-based carbon capture projects in Mozambique.
According to USAID, industries that burn high rates of coal, oil and other fuels release carbon dioxide into the atmosphere, which leads to rising temperatures and extreme weather conditions. Meanwhile, in response, “governments around the world are encouraging companies to reduce their carbon emissions and one way of doing this is to require companies to store one tonne of carbon for every tonne of their emissions”.
“This represents an opportunity for Mozambique, which can store large amounts of carbon in its extensive rainforests. The carbon capture industry will grow exponentially and this new premium will position Mozambique as an important player in the market,” he told the agency in a statement released on Tuesday 22 August.
According to USAID, carbon offset agreements are complex and difficult to structure, which is why “the PLANETA programme, implemented by CrossBoundary LLC, will provide Mozambican partners, both public and private, with the knowledge they need to make the connections and implement the agreements that will benefit Mozambique”.
The three-year programme will support a plan of 10 projects, offering advisory services to project promoters and linking local project promoters to the international carbon emissions markets. To this end, the US agency will invest more than 2 million dollars in the initiative over the next three years.
“These projects will have a positive environmental and economic impact on Mozambican communities. PLANETA represents a victory for Mozambicans, for the private sector and, ultimately, for the planet,” emphasised USAID’s director in Mozambique, Helen Pataki.
Support for climate change solutions is an essential component of the US government’s broader assistance in Mozambique.
