A handshake and a discreet smile. On March 25, Sheikh Ahmed Dalmook Al-Maktoum, accompanied by the Liberian Finance Minister, remained silent to photographers. This young member of the ruling family of Dubai in the United Arab Emirates (UAE) has just signed a memorandum of understanding of unprecedented proportions with Monrovia. This envisages the government of Liberia ceding exclusive rights to one million hectares of its forests, or 10% of the area of this African country, to the company it manages, Blue Carbon LLC, for thirty years.
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“This partnership marks a turning point for Blue Carbon,” the prince told the Emirati press. The stated goal is ambitious: “to support the transition to a low-carbon economic system” by enabling governments around the world to “achieve their carbon neutrality targets in line with the transferability of credits provided for in Article 6 of the Paris Agreement.” » These “credits” that the sheikh is talking about are emission credits that companies can buy in order not to have to reduce their emissions.
Article 6 of the Paris Climate Agreement, concluded in December 2015 during COP21, authorizes signatory countries to work together to achieve their greenhouse gas emissions reduction goals. Obviously, a country that reduces its emissions beyond its projections can sell its “surplus” in the form of credits to a country that pollutes more heavily, which can then offset its own emissions.
“Escape your responsibilities”
“This idea of compensation is the subject of many debates,” explains Jutta Kill, a trained biologist and specialist in carbon markets. “If developed countries are allowed to use carbon credits under the Paris Agreement, they will be able to shirk their responsibilities simply because they can afford to pay. »
Blue Carbon simply states on its website that it wants to “help” countries use this mechanism. Founded in August 2022, the company signed letters of intent for forest management projects with four African countries in record time. These agreements cover 10% of the total area of Liberia, but also Tanzania, Zambia and 20% of Zimbabwe, a total of 25 million hectares, almost half the area of France.
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These agreements are currently provisional. The rules for the exchange of carbon credits must be determined at COP28 in the United Arab Emirates from November 30. “Countries are still waiting for clear and concrete rules for using this tool, for example for registering and monitoring projects,” explains Erika Lennon, a researcher at the US-based Center for International Environmental Law (CIEL).
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