•To Establish Blue Carbon Credits Scheme
Rivers State Government has signed a Memorandum of Understanding (MoU) with Senendib Capital Limited for the protection and preservation of mangrove forest ecosystems within the State and the establishment of a Blue Carbon Credits Partnership.
The MoU signing, which was supervised by the Rivers State Attorney General and Commissioner for Justice, Dagogo Israel Iboroma, SAN, was signed by the Rivers State Commissioner for Energy and Natural Resources, Engr. Uchechukwu Nwafor, and the Director of Petroleum, Rivers State Ministry of Energy and Natural Resources, Dr. Temple Amachree, on behalf of the Rivers State Government at the office of the Attorney-General in Port Harcourt on Wednesday.
The Managing Partner and Chief Executive Officer, Serendib Capital Limited, Rafat Rizvi, and the Chief Operating Officer, Serendib Capital Limited, Christian Elemele, signed on behalf of Serendib Capital Limited.
Speaking after the signing ceremony, the Rivers State Commissioner for Energy and Natural Resources, Engr. Uchechukwu Nwafor, who noted the high level of degradation of the mangrove forests in the State and the Niger Delta as a result of illegal oil bunkering activities, said the project will integrate mangrove restoration, seagrass conservation and sustainable agriculture.
He also observed that the project will aid in tree planting, biochar production with a view to bringing about a transformative shift in environmental and socio-economic gains in the State.
He said, “The project will benefit the State in no small measure, and in particular, increase our Internally Generated Revenue (IGR).
“The Rivers State Government, will therefore, provide the needed logistics in line with the terms of the MoU as well as security to ensure the success of the project”, he asserted.
In his remarks, the Managing Partner and Chief Executive Officer, Serendib Capital Limited, Rafat Rizvi, said the project would be part of a larger mangrove marine ecosystems restoration programme known as Delta AZURE, which will be the world’s largest blue carbon credit project.
Rizvi noted that the mangrove restoration project will prevent the deforestation of 170,000 hectares of forest through afforestation, reforestation, revegetation and replantation.
He noted, “The carbon credits generated from the project would be used to bring tangible benefits to the State we operate in and would be used as an economic vehicle to support the communities involved.
“The conservation project would generate carbon credits that would be used as an alternative income source for those local people who may otherwise make an income from illegal logging and deforestation”, he observed.
Rizvi added that the project will create a significant number of jobs within the local communities and help the State in terms of diversifying it’s revenue streams not just in the short term, but for a very much a longer term.
He expressed the company’s commitment to work in synergy with the local communities while also seeking their cooperation, and commended the Rivers State Government for the trust, just as he assured that they will not betray the confidence reposed in them.
Signed
Nelson Chukwudi
Chief Press Secretary to the Rivers State Governor
Wednesday, July 31, 2024.
