Blue Carbon (company)

Last updated

Blue Carbon is an Emirati company that was launched in October 2022. The company seeks to conserve forests that might otherwise be logged, thus preventing carbon dioxide from entering the atmosphere in order to earn carbon credits to sell to companies and governments who would want to release carbon dioxide. It is assumed that much of the credits would be sold to the oil producing United Arab Emirates.

Sheikh Ahmed Dalmook Al Maktoum is the founder and chairman of Blue Carbon. He was previously involved in deals to sell Russia’s Sputnik V vaccine at a premium during the COVID 19 pandemic. [1] The current CEO is Josiane Sadaka, a British-educated brand manager for other companies owned by Sheikh Ahmed as well. [2] Samuele Landi, an Italian businessman convicted of fraudulent bankruptcy who lived as a fugitive [1] until his death at sea in 2024, [3] was listed as an advisor to Blue Carbon. The company initially stated it would focus on carbon storage on marine ecosystems, known as Blue carbon. [4]

In September 2023, Zimbabwe signed control over almost 20% of the country's land to Blue Carbon. Blue Carbon's parent company agreed to transfer $1.5 billion to Zimbabwe, which is more than the country spends on education and childcare. Additionally, Blue Carbon has done deals covering 10% of Liberia, 10% of Zambia, [5] 8% of Tanzania [6] (which also signed a deal handing 5.9 million acres to a similar company GreenCop Development), [2] the Bahamas, [7] Nigeria, [8] Papua New Guinea, [9] Saint Lucia, [10] Dominica, [11] Comoros, [12] Pakistan and Kenya. [13] In total, Blue Carbon has secured forested area equivalent to the land area of the entire United Kingdom. [14]

See also

Related Research Articles

<span class="mw-page-title-main">Carbon sink</span> Reservoir absorbing more carbon from, than emitting to, the air

A carbon sink is a natural or artificial carbon sequestration process that "removes a greenhouse gas, an aerosol or a precursor of a greenhouse gas from the atmosphere". These sinks form an important part of the natural carbon cycle. An overarching term is carbon pool, which is all the places where carbon on Earth can be, i.e. the atmosphere, oceans, soil, florae, fossil fuel reservoirs and so forth. A carbon sink is a type of carbon pool that has the capability to take up more carbon from the atmosphere than it releases.

<span class="mw-page-title-main">Congo Basin</span> Sedimentary basin of the Congo River in Central Africa

The Congo Basin is the sedimentary basin of the Congo River. The Congo Basin is located in Central Africa, in a region known as west equatorial Africa. The Congo Basin region is sometimes known simply as the Congo. It contains some of the largest tropical rainforests in the world and is an important source of water used in agriculture and energy generation.

<span class="mw-page-title-main">Carbon offsets and credits</span> Carbon dioxide reduction scheme

Carbon offsetting is a carbon trading mechanism that enables entities to compensate for offset greenhouse gas emissions by investing in projects that reduce, avoid, or remove emissions elsewhere. When an entity invests in a carbon offsetting program, it receives carbon credit or offset credit, which account for the net climate benefits that one entity brings to another. After certification by a government or independent certification body, credits can be traded between entities. One carbon credit represents a reduction, avoidance or removal of one metric tonne of carbon dioxide or its carbon dioxide-equivalent (CO2e).

<span class="mw-page-title-main">Carbon capture and storage</span> Process of capturing and storing carbon dioxide from industrial flue gas

Carbon capture and storage (CCS) is a process by which carbon dioxide (CO2) from industrial installations is separated before it is released into the atmosphere, then transported to a long-term storage location. The CO2 is captured from a large point source, such as a natural gas processing plant and is typically stored in a deep geological formation. Around 80% of the CO2 captured annually is used for enhanced oil recovery (EOR), a process by which CO2 is injected into partially-depleted oil reservoirs in order to extract more oil and then is largely left underground. Since EOR utilizes the CO2 in addition to storing it, CCS is also known as carbon capture, utilization, and storage (CCUS).

<span class="mw-page-title-main">Carbon sequestration</span> Storing carbon in a carbon pool

Carbon sequestration is the process of storing carbon in a carbon pool. It plays a crucial role in limiting climate change by reducing the amount of carbon dioxide in the atmosphere. There are two main types of carbon sequestration: biologic and geologic.

<span class="mw-page-title-main">Masdar</span> UAE state-owned renewable energy company

Masdar, also known as the Abu Dhabi Future Energy Company, is an Emirati state-owned renewable energy company. It was founded and chaired by Sultan Al Jaber in 2006 as a subsidiary of Mubadala Investment Company. The company is responsible for development of Masdar City, which headquarters the International Renewable Energy Agency.

<span class="mw-page-title-main">Abu Dhabi National Oil Company</span> UAE state-owned oil company

The Abu Dhabi National Oil Company, known by its acronym ADNOC, is the state-owned oil company of the United Arab Emirates (UAE).

<span class="mw-page-title-main">Carbon emission trading</span> Approach to limit climate change

Carbon emission trading (also called carbon market, emission trading scheme (ETS) or cap and trade) is a type of emissions trading scheme designed for carbon dioxide (CO2) and other greenhouse gases (GHGs). A form of carbon pricing, its purpose is to limit climate change by creating a market with limited allowances for emissions. Carbon emissions trading is a common method that countries use to attempt to meet their pledges under the Paris Agreement, with schemes operational in China, the European Union, and other countries.

<span class="mw-page-title-main">Badr Jafar</span> Emirati entrepreneur

Badr Jafar is an Emirati businessperson and special envoy for business and philanthropy. He is the chief executive officer of Crescent Enterprises, a conglomerate headquartered in the United Arab Emirates.

The Verified Carbon Standard (VCS), formerly the Voluntary Carbon Standard, is a standard for certifying carbon credits to offset emissions. VCS is administered by Verra, a 501(c)(3) organization. Verra is a certifier of voluntary carbon offsets. As of 2024, more than 2,300 projects were registered under the Verified Carbon Standard (VCS), spanning various sectors such as AFOLU, energy, transport, waste, manufacturing industries, and others. These projects have collectively issued over 1.3 billion credits, with more than 776 million credits retired to date.

<span class="mw-page-title-main">Sultan Al Jaber</span> Emirati politician and businessman (born 1973)

Sultan Ahmed Al Jaber, is an Emirati politician who is the minister of industry and advanced technology of the United Arab Emirates, head of the Abu Dhabi National Oil Company (ADNOC), and chairman of Masdar.

<span class="mw-page-title-main">United Nations Climate Change Conference</span> Yearly conference held for climate change treaty negotiations

The United Nations Climate Change Conferences are yearly conferences held in the framework of the United Nations Framework Convention on Climate Change (UNFCCC). They serve as the formal meeting of the UNFCCC parties – the Conference of the Parties (COP) – to assess progress in dealing with climate change, and beginning in the mid-1990s, to negotiate the Kyoto Protocol to establish legally binding obligations for developed countries to reduce their greenhouse gas emissions. Starting in 2005 the conferences have also served as the "Conference of the Parties Serving as the Meeting of Parties to the Kyoto Protocol" (CMP); also parties to the convention that are not parties to the protocol can participate in protocol-related meetings as observers. From 2011 to 2015, the meetings were used to negotiate the Paris Agreement as part of the Durban platform, which created a general path towards climate action. Any final text of a COP must be agreed by consensus.

<span class="mw-page-title-main">Deforestation and climate change</span> Interactions between deforestation and climate change

Deforestation is a primary contributor to climate change, and climate change affects the health of forests. Land use change, especially in the form of deforestation, is the second largest source of carbon dioxide emissions from human activities, after the burning of fossil fuels. Greenhouse gases are emitted from deforestation during the burning of forest biomass and decomposition of remaining plant material and soil carbon. Global models and national greenhouse gas inventories give similar results for deforestation emissions. As of 2019, deforestation is responsible for about 11% of global greenhouse gas emissions. Carbon emissions from tropical deforestation are accelerating.

Shamma bint Suhail bin Faris Al Mazrui is an Emirati politician who is currently serves as the minister of community empowerment of the United Arab Emirates. She previously served as the minister of state for youth affairs.

<span class="mw-page-title-main">2022 United Nations Climate Change Conference</span> Yearly conference held for climate change treaty negotiations

The 2022 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly referred to as COP27, was the 27th United Nations Climate Change conference, held from 6 November until 20 November 2022 in Sharm El Sheikh, Egypt. It took place under the presidency of Egyptian Minister of Foreign Affairs Sameh Shoukry, with more than 92 heads of state and an estimated 35,000 representatives, or delegates, of 190 countries attending. It was the fifth climate summit held in Africa, and the first since 2016.

<span class="mw-page-title-main">2023 United Nations Climate Change Conference</span> Yearly conference held for climate change treaty negotiations

The 2023 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly known as COP28, was the 28th United Nations Climate Change conference, held from 30 November to 13 December at Expo City, Dubai, United Arab Emirates. The COP conference has been held annually since the first UN climate agreement in 1992. The event is intended for governments to agree on policies to limit global temperature rises and adapt to impacts associated with climate change.

<span class="mw-page-title-main">Fortress conservation</span> Conservation model

Fortress conservation is a conservation model based on the belief that biodiversity protection is best achieved by creating protected areas where ecosystems can function in isolation from human disturbance.

<span class="mw-page-title-main">2024 United Nations Climate Change Conference</span> Yearly conference held for climate change treaty negotiations

The 2024 United Nations Climate Change Conference or Conference of the Parties of the UNFCCC, more commonly known as COP29, was the 29th United Nations Climate Change conference, held in Baku, Azerbaijan, from 11 to 22 November 2024. Mukhtar Babayev presided, while Samir Nuriyev headed the Organising Committee.

Green Credit Programme is a programme announced by the Ministry of Environment, Forest and Climate Change of the Government of India in October 2023 as part of the Lifestyle for Environment (LiFE) initiative proposed by Prime Minister Narendra Modi at the Conference of the Parties to the UNFCCC (COP27) held in Sharm El-Sheikh, Egypt in 2022.

References

  1. 1 2 Patrick Greenfield (30 November 2023). "Who is the UAE sheikh behind deals to manage vast areas of African forest?". The Guardian. Retrieved 14 July 2024.
  2. 1 2 Fred Pearce (28 August 2023). "In New Scramble for Africa, an Arab Sheikh Is Taking the Lead". Yale School of the Environment. Retrieved 14 July 2024.
  3. ↑ "A Fugitive Businessman, Done In by One Law He Couldn't Dodge".
  4. ↑ "Blue Carbon launch offers nature-based solutions in UAE". Trade Arabia. 12 October 2022. Retrieved 14 July 2024.
  5. ↑ "Blue Carbon and Government of Zambia sign MoU to unlock the potential of carbon removal projects". Gulf News. 8 February 2023. Retrieved 14 July 2024.
  6. ↑ "Blue Carbon and the Government of Tanzania join forces to accelerate transition to low-carbon economy". Gulf News. 7 February 2023. Retrieved 14 July 2024.
  7. ↑ "Blue Carbon, Bahamas forge partnership for climate resilience, carbon credits". Pakistan Today. 1 December 2023. Retrieved 14 July 2024.
  8. ↑ "Blue Carbon Joins Forces With Niger State To Plant 1bn Trees". The Friday Times. 7 December 2023. Retrieved 14 July 2024.
  9. ↑ "Blue Carbon, PNG Govt Unite For Paris Agreement Projects At COP28". The Friday Times. 4 December 2023. Retrieved 14 July 2024.
  10. ↑ "Blue Carbon's MOU Signing With Saint Lucia Sets The Stage For Article 6 Exploration At COP28". The Friday Times. 3 December 2023. Retrieved 14 July 2024.
  11. ↑ "Dominica, Blue Carbon Join Hands For Sustainable Climate Solutions". The Friday Times. 30 November 2023. Retrieved 14 July 2024.
  12. ↑ "Comoros, Blue Carbon Ink MoU To Address Climate Crisis". The Friday Times. 3 December 2023. Retrieved 14 July 2024.
  13. ↑ Patrick Greenfield (30 November 2023). "The new 'scramble for Africa': how a UAE sheikh quietly made carbon deals for forests bigger than UK". The Guardian. Retrieved 14 July 2024.
  14. ↑ Angela Dewan (23 November 2023). "A UAE company has secured African land the size of the UK for controversial carbon offset projects". CNN. Retrieved 12 July 2024.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.