ABU DHABI, UAE, Sept. 10, 2024 /PRNewswire/ -- Offset8 Capital
Limited, a proprietary asset management firm based in Abu Dhabi
Global Market, has announced the signing of a financing transaction
with iRise, the recipient of the NDC Investment Award at
COP28 for Best Forestry Initiative in
Africa.
With the project now well underway, Offset8 and iRise reported
to the Government of Malawi on the
progress of iRise's Climate and Community Transformation Program,
which focuses on restoring 6,000 hectares of degraded land in
Malawi, deploying over 140,000
clean cookstoves, and improving food security.
At the heart of this initiative is a large-scale reforestation
effort, with plans to plant 6 million indigenous trees and prevent
the deforestation of over 4 million trees, all crucial for carbon
sequestration, biodiversity resurgence, and soil regeneration.
Across Africa, over 3.7 million
people die prematurely each year due to harmful cooking practices.
91% of Malawians rely on firewood and charcoal, leading to serious
health issues and widespread deforestation. By providing clean
cookstoves to local communities free of charge, the project
directly improves public health and reduces deforestation.
Climatic shocks have severely reduced agricultural productivity
among Malawi's farming-dependent
population. In response, the iRise program enhances food security
by producing an additional 3,000 tons of maize annually to feed
25,000 people and supports subsistence farming for 5,000
people.
The project is expected to create 300 permanent and multi-year
jobs and seasonal work for 1,500 people. This comprehensive program
integrates reforestation, clean cooking, and sustainable
agricultureinto a synergistic solution. Each component strengthens
the others, creating a holistic approach that meets the diverse
needs of local communities. Combined, these efforts could
positively impact the lives of 150,000 people in Malawi.
Vice President of the Republic of Malawi and Minister of Natural Resources and
Climate Change, Michael Usi stated,
"I am pleased that Malawi is
becoming a destination of choice for carbon financing, and we
welcome this program to Malawi".
The project was issued a Letter of Authorization (LOA) by the
Government of Malawi. The LOA
allows carbon credits issued by the project to be traded under
Article 6 of the United Nations Paris Agreement.
Offset8 has observed significant international interest in the
project from companies in Switzerland, which signed an Article 6
agreement with Malawi, and in
Japan and Singapore, with increasing demand for
high-quality carbon credits.
Jules Maitrepierre and Ivan
Mozharov, Offset8's co-founders, shared, "We are proud to support
iRise for its holistic approach addressing the needs of local
communities and its commitment to the ICVCM's Core Carbon
Principles, ensuring environmental integrity."
Alex Pettefer, CEO of iRise, and
Jason Rosamond, the architect behind
iRise's solution, stated, "Offset8's ability to structure tailored
financing and leverage a global network make them an ideal partner
to amplify our impact in Malawi
while respecting the local context."
Offset8 Capital Limited, regulated by the Financial Services
Regulatory Authority of the ADGM, acted as a financial advisor to
Offset8 Holding Limited that will finance the project.
Video - https://youtu.be/LeMZ8kHUEhk
Media Team
media@offset8capital.com
+97128124183
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