The International Islamic Trade Finance Corporation (ITFC), a member of the Islamic Development Bank (IsDB) Group, has signed a Memorandum of Understanding with the Regional Voluntary Carbon Market Company (RVCMC), aimed at assisting the Republic of Maldives in achieving its sustainability goals and tackling the consequences of climate change.
Source: supplied. Scary. Hani Salem Sonbol, CEO of ITFC and Riham ElGizy, CEO of RVCMC.
The project aims to assess the potential and feasibility of generating Blue Carbon Credits from the Maldives coastal ecosystem (mangrove forests and seagrass meadows) and to facilitate the sale of generated credits to carbon markets.
This agreement was signed between Hani Salem Sonbol, CEO of ITFC and Riham ElGizy, CEO of RVCMC on the sidelines of the IsDB Group annual meetings in Riyadh.
Commenting on the signing of the agreement, Sonbol stated: “At ITFC, we prioritize sustainability in all our interventions aimed at supporting our member states. Our commitment is to help in the fight against climate change by working together with national and regional efforts.
This new partnership with RVCMC and the Republic of Maldives is important as it demonstrates our Member States’ growing interest in carbon credit. It also provides the Maldives with an opportunity to achieve its sustainability goals, which will benefit its people and the local economy.”
Riham ElGizy, CEO of RVCMC, said: “The voluntary carbon market scales up projects that mitigate the impact of climate change and promote sustainable development, and we see significant potential in the development of blue carbon projects in the Maldives.
“By integrating carbon reduction and removal initiatives through the conservation and restoration of coastal habitats into its broader sustainability agenda, we believe the Government of the Maldives can achieve lasting positive climate impacts.”
This collaboration with RVCMC marks a milestone towards ITFC’s ambition to align with global Environmental, Social and Governance (ESG) practices and integrate environmental conservation with sustainable economic development, which will benefit both the Maldives and benefits the global fight against climate change.
