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Wednesday, August 3, 2022
Invictus Energy announced it has entered a 30-year contract with the Forestry Commission of Zimbabwe (FCZ) for the development of the Ngamo-Gwayi-Sikumi (NGS) REDD+ project, which is renewable for a further 30 years, as part of the company’s sustainable plan to manage emissions.
The NGS REDD+ project will enable the Company to fully offset all Scope 1 & 2 emissions generated across the entire lifecycle of the Cabora Bassa Project.
REDD+ was created by the United Nations under its Framework Convention on Climate Change, or UNFCCC, to reduce carbon emissions from deforestation and forest degradation. It also supports local communities through socio-economic projects in line with principles on sustainable management, forest protection and nature conservation.
The NGS REDD+ project areas were awarded by the FCZ through an international tender process and cover a combined 301,565 hectares of indigenous forest in Zimbabwe’s Matabeleland North province.
A five-year pilot REDD+ project, administered and funded by the Global Environmental Facility through the World Bank as part of the Hwange Sanyathi Biodiversity Corridor, was completed in the Ngamo and Sikumi forests in early 2020, including biomass assessments, which has provided proof of concept for the NGS REDD+ project.
A study by the FCZ estimates between 1992 and 2017 approximately 6.5 million hectares of forests (~25% of total) were lost, land clearance for agricultural purposes, wood for fuel energy use and other unsustainable forest land use practices.
Invictus and FCZ will develop the NGS REDD+ project to protect the indigenous forests by implementing programs to mitigate deforestation activities. The resulting benefits of these programs are quantified in the form of emission reductions which then generate carbon credits.
Managing Director Scott Macmillan commented: “The award of these carbon offset projects marks a significant milestone for Invictus and will make Cabora Bassa one of the first carbon neutral oil and gas projects from the exploration phase to decommissioning, if our upcoming drilling campaign is a success.
“We actively sought a carbon management solution that would benefit the country and communities where we operate. The NGS REDD+ project uniquely positions Invictus and the Cabora Bassa project as one of the first cradle to grave carbon neutral oil and gas companies and projects in the world.
“This project will not only offset our emissions, but help ensure preservation of Zimbabwe’s rich biodiversity, aiding both forestry and wildlife conservation efforts, while also creating jobs and sustainable incomes for the entire region. Additional revenue generated from carbon credits will also aid the work Invictus is doing to improve health and education in the local communities where we operate, well beyond the initial 30-year term of the initial NGS REDD+ project.
“We look forward to partnering with the Forestry Commission and implementing this important project to protect indigenous forests in the Ngamo Gwayi and Sikumi areas.”
The full release with additional information on verification and graphics can be read here.
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