• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Features

Ex-BP Executive Gets Go Ahead for Biggest African Mangrove Project

1 year ago
in Features, highlights, Home, home-news, latest News
1 min read
0 0
0
55
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Ex-BP Executive Gets Go Ahead for Biggest African Mangrove Project

A company founded and controlled by a former BP Plc executive has won a license to restore and protect mangrove forests in Mozambique, Africa’s biggest such project to yet.

The United Arab Emirates-based Blue Forest plans to start planting 200 million mangrove trees in a concession twice the size of Singapore in November. It is helping to finance the project by pre-selling emissions offsets based on the carbon the coastal trees absorb. The company has spent $1 million on preparing for the task, which will cost a further $60 million.

“This pre-selling mechanism allows me to tap into carbon financing at early stage so I can use the money to plant the trees,” said Vahid Fotuhi, who set the company up in January 2022. “When the trees are big and they’re generating carbon credits, we’ll use that to repay the loans.”

Mangroves, which mainly grow in salty and brackish water along coastlines, absorb as many as 10 times the carbon that most terrestrial trees take up, making them a powerful tool in the fight against global warming. That trapped carbon can be used to generate offsets, known as carbon credits, that emitters can buy to compensate for the climate-warming gases their operations release.

A single carbon credit is equivalent to a ton of carbon dioxide or its equivalent either removed from the atmosphere or prevented from reaching it in the first place.

Fotuhi served as BP’s head of government and public affairs in Algeria between 2004 and 2007 and then as its solar division director for the Middle East and North Africa. Later, he worked in renewable energy and for a company that uses solar power to generate drinking water from the atmosphere. He also ran a firm that implemented social impact projects in Africa.

RelatedPosts

Ghana’s Sports Minister Urges Envoys to Promote Country as Investment Hub for Sports and Recreation

Ferrari 1-2 in Free Practice as Hamilton Tops Timesheet in Monza

Kwasi Sibo Receives Late Black Stars Call-Up for Crucial World Cup Qualifier Against Mali

The MozBlue project, which covers 1,500 kilometers (932 miles) of coastline in the Zambezia and Sofala provinces, is expected to generate 5,000 jobs and 60% of the income will go to communities, contractors and the government, Fotuhi said. The first phase will cover 5,116 hectares of degraded forest.

Over its 60-year lifespan, it’s expected to remove 20.4 million tons of carbon from the atmosphere, with progress assessed by measuring the growth and survival of the mangrove trees, he said.

It’s Blue Forest’s first commercial-development project, with some of the initial carbon credits pre-sold to a European institutional investor, said Fotuhi, declining to identify the company. Philanthropic money funded earlier projects in Ivory Coast and Kenya, while commercial projects may soon follow in Tanzania and West Africa. In total, the company has projects that could cover 215,000 hectares in Africa and Asia, according to a statement.

Source: bloomberg
Via: norvanreports
Tags: African Mangrove ProjectEx-BP ExecutiveEx-BP Executive Gets Go Ahead for Biggest African Mangrove Project

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

GCB Bank Launches Hajj Savings Product With GHS 50 Entry Amount 

Ministry of Health Calls for Urgent Action Against Non-Communicable Diseases at National Strategic Meeting

Ghana Cedi Defies Gloom, Emerges Among World’s Best-Performing Currencies

MOBEX Africa Opens Nominations for Continent’s Most Prestigious Technology Awards

GCB Bank Launches Hajj Account to Empower Ghanaian Pilgrims 

BoG Engages on Framework for Non-Interest Banking and Finance

Trending

Business

Ghana’s Sports Minister Urges Envoys to Promote Country as Investment Hub for Sports and Recreation

September 5, 2025

Ghana's Sports Minister Urges Envoys to Promote Country as Investment Hub for Sports and Recreation Kofi Adams,...

Ferrari 1-2 in Free Practice as Hamilton Tops Timesheet in Monza

September 5, 2025

Kwasi Sibo Receives Late Black Stars Call-Up for Crucial World Cup Qualifier Against Mali

September 5, 2025

GCB Bank Launches Hajj Savings Product With GHS 50 Entry Amount 

September 5, 2025

Ministry of Health Calls for Urgent Action Against Non-Communicable Diseases at National Strategic Meeting

September 5, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.