Image: George Bakos via Unsplash
Abu Dhabi-based Offset8 and iRise have launched a large-scale environmental initiative in Malawi to restore 6,000 hectares of degraded land and plant 10 million trees, Economy Middle East reported.
The project will create 300 permanent jobs and seasonal work for 1,500 people. It is expected that the project will benefit 150,000 people. It also aims to provide 140,000 clean cookstoves to reduce deforestation and improve public health.
Offset8 Capital Limited, an asset management firm, has partnered with iRise, the recipient of the NDC Investment Award at COP28 for Best Forestry Initiative in Africa, to finance the project. The iRise program integrates reforestation, clean cooking, and sustainable agriculture, helping to restore biodiversity, sequester carbon, and improve soil health.
The report says the reforestation effort will plant six million indigenous trees and prevent the deforestation of over four million trees. By distributing clean cookstoves, the project aims to reduce reliance on firewood and charcoal, contributing to deforestation and severe health issues. This initiative could save lives, as harmful cooking practices cause over 3.7 million premature deaths annually across Africa.
The program also tackles food insecurity in Malawi, enhancing agricultural productivity by producing an additional 3,000 tons of maize annually. It will feed 25,000 people and support subsistence farming for 5,000 more.
The government of Malawi has issued a letter of authorization, allowing the project to trade carbon credits under Article 6 of the Paris Agreement. Offset8 has reported significant international interest from companies in Switzerland, Japan, and Singapore, driven by the demand for high-quality carbon credits.
Offset8’s co-founders, Jules Maitrepierre and Ivan Mozharov, praised iRise’s holistic approach. iRise’s CEO Alex Pettefer and solution architect Jason Rosamond highlighted Offset8’s tailored financing and global network as key to amplifying their impact in Malawi. Offset8 Capital, regulated by the ADGM Financial Services Regulatory Authority, acted as a financial advisor for the project.
