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Tanzania has secured one of East Africa’s largest carbon credit projects. The deal is between Tanzania’s National Park Agency (Tanapa) and Carbon Tanzania. Mohammed Dewji will contribute additional funding to the landmark carbon credit initiative.
This monumental project is designed to span six national parks, which cover 1.8 million hectares (4.4 million acres). The parties involved in the deal include Tanzania’s National Park Management Agency, Tanapa, and Carbon Tanzania, a locally based company.
According to Carbon Tanzania, some of the revenue generated from this deal will go to Tanapa and local communities. Also, the project is intended to protect and conserve some of the nation’s national parks. The six national parks designated for the project are Burigi-Chato, Katavi Plains, Ugalla River, Mkomazi, Gombe Stream, and Mahale Mountains.
The project will receive additional funding from Mohammed Enterprises Tanzania Limited, an agricultural and manufacturing company owned by prominent Tanzanian businessman Mohammed Dewji.
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Africa’s carbon credit push which has been at the forefront of the carbon credit conversation, Tanzania has also been heavily invested in the initiative. In July, it was reported that Tanzania had about 20 corporations that wanted to invest over USD 20 billion . This impressive figure denoted an impending revolution in its carbon credit market.
Additionally, 51% of Tanzania’s land, or 48 million hectares are forests, giving it a unique opportunity to become one of the world’s top carbon credit traders.
