ABU DHABIEAU, September 10, 2024 /PRNewswire/ — Offset8 Capital Limited, a proprietary asset management firm based in the globalAbu Dhabiannounced the signing of a financing transaction with iRise, the recipient of the NDC Investment Award at the COP28 for the best forestry initiative in Africa.
With the project now well underway, Offset8 and iRise have presented to the government Malawi progress on iRise’s Climate and Community Transformation Program, which focuses on restoring 6,000 hectares of degraded land in Malawithe deployment of more than 140,000 clean stoves and the improvement of food safety.
At the heart of this initiative is a large-scale reforestation effort, with plans to plant 6 million native trees and prevent the deforestation of more than 4 million trees, all crucial for carbon sequestration, biodiversity resurgence and soil regeneration.
In Africa, more than 3.7 million people die prematurely each year due to unsafe cooking practices. 91% of Malawians rely on firewood and charcoal, leading to serious health problems and widespread deforestation. By providing free clean stoves to local communities, the project directly improves public health and reduces deforestation.
Climate shocks have severely reduced the agricultural productivity of the population of Malawi which depends on agriculture. In response, the iRise programme is strengthening food security by producing an additional 3,000 tonnes of maize per year to feed 25,000 people and supporting subsistence farming for 5,000 people.
The project is expected to create 300 permanent, multi-year jobs, as well as seasonal employment for 1,500 people. This comprehensive program integrates reforestation, clean cooking, and sustainable agriculture into a synergistic solution. Each component reinforces the others, creating a holistic approach that addresses the diverse needs of local communities. Combined, these efforts could positively impact the lives of 150,000 people in Malawi.
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The Vice President of the Republic of Malawi and Minister of Natural Resources and Climate Change, Michael Usisaid: “I am happy that the Malawi become a destination of choice for carbon finance, and we welcome this program to Malawi“. The project has received a Letter of Authorization (LOA) from the Government of Malawi. The LOA allows carbon credits issued by the project to be traded under Article 6 of the Agreement. Paris of the United Nations.
Offset8 has observed significant international interest in the project from companies in Switzerland, which have signed an Article 6 agreement with the Malawias well as in Japan and Singapore, where demand for high-quality carbon credits is increasing.
Jules Maitrepierre and Ivan Mozharov, co-founders of Offset8, said: “We are proud to support iRise for its holistic approach to addressing the needs of local communities and its commitment to upholding ICVCM’s core carbon principles, ensuring environmental integrity.”
Alex PetteferCEO of iRise, and Jason Rosamondthe architect of the iRise solution, said: “Offset8’s ability to structure tailored financing and leverage a global network makes them an ideal partner to amplify our impact at Malawi while respecting the local context.”
Offset8 Capital Limited, regulated by the ADGM Financial Services Regulatory Authority, acted as financial advisor to Offset8 Holding Limited which will finance the project.
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