(Finance) – His name is Great Limpopo the project launched by ENI in collaboration with Biocarbon Partners and it’s “the largest initiative ever developed in Mozambique to protect the forests and combat the causes of deforestation in line with the REDD+ framework, defined and promoted by the United Nations”.
The program – explains the note – aims to preserve forests in an area of up to 4 million hectares in 4 provinces of Mozambique, namely Manica, Sofala, Inhambane and Gaza. It was designed jointly with Mozambican institutions at national and provincial levels, as well as community leaders and members, and is based on studies of feasibility completed by Eni in 2023, involving all interested stakeholders to ensure maximum compliance of the project with the specific needs of the area.
In particular, conservation activities aim to reduce forest loss through the active engagement of communities in the management of forest resources, together with the promotion of climate smart agriculture initiatives and the creation of economic opportunities, involving over 320,000 people. The project will also contribute to the conservation and restoration of biodiversity by connecting major national parks in Mozambique and South Africa with communal forest areas to create natural corridors for wildlife; elephants, lions, cheetahs and leopards are just some of the endangered species that live in the area and which will be protected thanks to the project.
Eni will ensure the project a sustainable and long-term financial flow, inchanneled towards improving community livelihoods through the withdrawal of generated carbon credits and constantly monitoring the quality and socio-environmental integrity of the voluntary carbon credit market.
The initiative – the note concludes – is part of Mozambique’s national strategy regarding forests and is aligned with Eni’s approach towards producing countries as well as with its own net-zero strategy. Eni aims to become carbon-neutral by 2050 by decarbonizing its activities, value chain and products with a mix of different levers and technologies, including Nature and Technology Based projects to offset residual emissions that cannot be abated with existing technologies. By 2050, carbon credits will represent 5% of all levers used to achieve carbon neutrality.