Reviving African Woodlands: A $1 Billion Carbon Market Venture

Global trader Trafigura backs a $1 billion plan to restore African woodlands through carbon removal projects. The Miombo Restoration Alliance will tackle deforestation and climate change across 675,000 hectares, aiming to remove over 50 million tons of CO2. Local and international partners will join forces to achieve this goal.

Global energy trader Trafigura is leading a $1 billion initiative to restore African woodlands through carbon removal projects. The announcement was made by Hannah Hauman, Head of Carbon Trading at Trafigura, who explained that the projects will cover 675,000 hectares, aiming to eliminate over 50 million tons of harmful gases.

The initiative is part of the Miombo Restoration Alliance, a public-private partnership involving 11 central and southern African nations. Launched during New York Climate Week 2024, the alliance focuses on the restoration of Miombo woodlands, a vital ecosystem threatened by deforestation and unsustainable land use.

Local carbon markets and credits are seen as key to funding these projects, especially as international aid dwindles. The effort will engage 100,000 community members and farmers, alongside the governments of Mozambique, Zambia, Tanzania, and Malawi, in revenue-sharing agreements to ensure long-term sustainability.

(With inputs from agencies.)