U.S. Government Launches Platform to Bring Mozambique into the Profitable Carbon Capture Market
August 17, 2023 – The U.S. Government, through the United States Agency for International Development (USAID), announces a new program, PLANETA, that will facilitate international investment in nature-based carbon capture projects in Mozambique.
Industries that burn high rates of coal, oil, and other fuels release carbon dioxide into the atmosphere, which leads to higher temperatures and extreme weather. In response, governments around the world are incentivizing companies to reduce their carbon emissions. One way of doing this is to require companies to store one ton of carbon for every ton of their emissions. This presents an opportunity for Mozambique, which can store vast amounts of carbon in its extensive tropical forests. The carbon capture industry is set to grow exponentially, and this new award will position Mozambique as an important player in the market.
Carbon offset deals are complex and difficult to structure. PLANETA, implemented by CrossBoundary LLC., will provide Mozambican private and public partners with the expertise to make the connections and implement the deals that will benefit Mozambique. The three-year program will support a planned 10 projects, offering advisory services to project developers and linking local project developers with international carbon emissions markets. USAID is investing more than $2 million in PLANETA over the next three years.
These projects will have a positive environmental and economic impact for Mozambican communities. USAID Mission Director in Mozambique, Helen Pataki, said, “PLANETA represents a win-win for Mozambicans, the private sector, and ultimately, the planet.”
If your company or community is interested in participating in the PLANETA program, please complete the form here: https://forms.gle/sp9C2HvqiksJCYHm7.
Support for climate change solutions is an essential component of the broader U.S. Government assistance in Mozambique. In close collaboration with the Government of the Republic of Mozambique, the U.S. Government provides more than $700 million in annual grant assistance for health, economic development, support to civil society, and humanitarian response..
The United States Agency for International Development (USAID) leads the U.S. Government’s international development and disaster assistance through partnerships and investments that save lives, reduce poverty, strengthen democratic governance, and help people emerge from humanitarian crises. For more information about USAIDs work, visit www.usaid.gov.
Media interested in receiving more information should contact the U.S. Embassy Press Office by e-mail: MaputoPress@state.gov.