Abu Dhabi-based Offset8 and iRise to Restore 10 Million Trees, Benefiting 150,000 Malawians
ABU DHABI, UAE, Sept. 10, 2024 /PRNewswire/ -- Offset8 Capital Limited, a proprietary asset management firm based in Abu Dhabi Global Market, has announced the signing of a financing transaction with iRise, the recipient of the NDC Investment Award at COP28 for Best Forestry Initiative in Africa.
With the project now well underway, Offset8 and iRise reported to the Government of Malawi on the progress of iRise's Climate and Community Transformation Program, which focuses on restoring 6,000 hectares of degraded land in Malawi, deploying over 140,000 clean cookstoves, and improving food security.
At the heart of this initiative is a large-scale reforestation effort, with plans to plant 6 million indigenous trees and prevent the deforestation of over 4 million trees, all crucial for carbon sequestration, biodiversity resurgence, and soil regeneration.
Across Africa, over 3.7 million people die prematurely each year due to harmful cooking practices. 91% of Malawians rely on firewood and charcoal, leading to serious health issues and widespread deforestation. By providing clean cookstoves to local communities free of charge, the project directly improves public health and reduces deforestation.
Climatic shocks have severely reduced agricultural productivity among Malawi's farming-dependent population. In response, the iRise program enhances food security by producing an additional 3,000 tons of maize annually to feed 25,000 people and supports subsistence farming for 5,000 people.
The project is expected to create 300 permanent and multi-year jobs and seasonal work for 1,500 people. This comprehensive program integrates reforestation, clean cooking, and sustainable agricultureinto a synergistic solution. Each component strengthens the others, creating a holistic approach that meets the diverse needs of local communities. Combined, these efforts could positively impact the lives of 150,000 people in Malawi.
Vice President of the Republic of Malawi and Minister of Natural Resources and Climate Change, Michael Usi stated, "I am pleased that Malawi is becoming a destination of choice for carbon financing, and we welcome this program to Malawi". The project was issued a Letter of Authorization (LOA) by the Government of Malawi. The LOA allows carbon credits issued by the project to be traded under Article 6 of the United Nations Paris Agreement.
Offset8 has observed significant international interest in the project from companies in Switzerland, which signed an Article 6 agreement with Malawi, and in Japan and Singapore, with increasing demand for high-quality carbon credits.
Jules Maitrepierre and Ivan Mozharov, Offset8's co-founders, shared, "We are proud to support iRise for its holistic approach addressing the needs of local communities and its commitment to the ICVCM's Core Carbon Principles, ensuring environmental integrity."
Alex Pettefer, CEO of iRise, and Jason Rosamond, the architect behind iRise's solution, stated, "Offset8's ability to structure tailored financing and leverage a global network make them an ideal partner to amplify our impact in Malawi while respecting the local context."
Offset8 Capital Limited, regulated by the Financial Services Regulatory Authority of the ADGM, acted as a financial advisor to Offset8 Holding Limited that will finance the project.
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