The Miombo Restoration Alliance, an initiative supported by global energy trader Trafigura, has picked the first four African carbon dioxide removal (CDR) projects set to receive its financial backing.
As shared in the announcement, the Alliance aims to invest over $1 billion in support towards these projects during their 40-year lifetime.
This milestone move marks the Alliance’s first motion from design towards implementation, and it aligns with its ambition of producing high-integrity carbon removal credits under Article 6 through native species restoration and agroforestry activities.
Established at the 2024 New York Climate Week by Trafigura, a consortium of NGOs, and 11 central and southern African governments, the Miombo Restoration Alliance is the first international public-private initiative that develops CDR projects following a consistent ecological and governance framework, advised by a network of partners, including Carbon Direct and Terraspect.
The four initial projects selected to receive financial support from the Alliance are located in Mozambique, Zambia, Tanzania, and Malawi and are centered around restoration and conservation of forests, rainforests, woodlands, and agricultural land.
In the future, these four projects are estimated to contribute to the removal of over 50 million tonnes of CO2 equivalent, covering 675,000 hectares of territory in Africa’s Miombo woodlands region.
For the activities under the projects, the Alliance has also set up revenue-sharing agreements with governments, local communities, and farmers in Mozambique, Zambia, Tanzania, and Malawi. Local stakeholders participating in these activities are expected to receive between 10% and 60% of the generated revenues, depending on the project’s structure.
Relevant: New Woodlands Restoration Project In Zambia To Remove 2M Tons Of Carbon Per Year By 2030
According to information shared by the Alliance, approximately 100,000 community members and Africa-based farmers are expected to participate directly in the selected initiatives.
Commenting on this major advancement, Hannah Hauman, Head of Carbon at Trafigura, stated:
“We are delighted to announce our first projects under the Miombo Restoration Alliance, proving the framework approach of mobilizing private capital at scale for restoration under Article 6. We are grateful to our host country governments for their leadership and vision, and to our partners for their expertise.”
She added, “As the Miombo Restoration Alliance moves from design to implementation, we look forward to delivering high-integrity carbon removal credits to global customers and long-term benefits for communities across the region.”
Read more: Carbon Direct And CSR-In-Action Team Up To Boost Decarbonization In Africa
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