LILONGWE, Malawi, 30th March, 2023 (AEJ) – Foundation for Climate Protection and Carbon Offset Klik Foundation under the mandate of the government of Switzerland is in Malawi to garner support for climate protection programmes worth over USD100 million by 2030 in line with article six of the Conference of Parties (COP) under Paris Agreement.
The United Nations Framework Convention on Climate Change (UNFCCC) COP agreement article six acknowledges that countries can pursue voluntary cooperation in the implementation of their Nationally Determined Contributions to allow for higher mitigation ambitions and to promote sustainable development and environment integrity.
In his opening remarks Director of Administration in the Ministry of Natural Resources and Climate Change, Hillary Namainja welcomed the carbon trading initiative saying it was timely as it will help contain carbon emissions into the atmosphere. In turn, it will also cushion the effects of challenges that are climate related and adversely impacting economy from a disaster perspective.
Chimwemwe Yonasi, an Environmental Inspector in his presentation said in simple terms the Foundation intends to upscale the carbon market through international trading in emissions reduction targets.
“Carbon markets are intended to reduce greenhouse emissions in the atmosphere and enable countries to meet their targets through carbon trading certified under UNFCCC,” Yonasi explained in a presentation.
Malawi and Switzerland Ministers responsible for Environment set the legal basis for this cooperation when they signed a bilateral agreement on climate action at COP 27 in Sharma El Sheik, Egypt on 16th November, 2022.
Under Swiss CO2 Act, mineral oils importers are obliged to offset in Switzerland and abroad part of the emitted emissions produced by the transport sector in the country. As such Klik Foundation will be buying the resulting mitigation outcomes technically known as International Transferred Mitigation Outcomes (ITMO corresponding to one tonne of carbon dioxide emissions into the atmosphere)
“Klik Foundation is interested in developing suitable protection programme in the areas of improved cookstoves, biogas, carbon dioxide reduction in cements production, building efficiency, industrial energy efficiency, solar PVC, organic wastes alternate wetting and drying, electric mobility and green colling. To this end, Klik Foundation would like to establish partnership with companies and others stakeholders operating in Malawi,” explained Jacqueline Jakob, Director of International Relations at the foundation.
She added that Klik Foundation will support climate mitigation technologies with an expected total contract value of more USD100 million until 2030 in Malawi.
The International Monetary Fund recent study suggests every dollar spent on key carbon neutral or carbon sink activities as part of climate action can generate more than a dollar’s worth of domestic economic activity.