Invictus bags carbon offset projects in Zimbabwe
Africa-focused energy company Invictus Energy has been awarded three carbon offset projects in Zimbabwe covering a combined 301,565 hectares of indigenous forests, it said on August 3.
The Sydney-listed company 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 its sustainable plan to manage emissions.
The NGS REDD+ project will enable Invictus to fully offset all scope 1 & 2 emissions generated across the entire lifecycle of its Cabora Bassa gas project.
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 have provided proof of concept for the NGS REDD+ project, Invictus said.
Invictus and FCZ will develop the NGS REDD+ project to protect the indigenous forests by implementing programmes to mitigate deforestation activities. The resulting benefits of these programs are quantified in the form of emission reductions which then generate carbon credits.
The NGS REDD+ project has the potential to generate more than 30mn carbon credits over its initial 30-year life, based on the biomass assessment completed in the pilot REDD+ project in Ngamo and Sikumi and comparable REDD+ projects operating in the region, the company said.