Zambia and the United Arab Emirates (UAE) on Tuesday signed a memorandum of understanding (MOU) aimed at enhancing cooperation in the development of various carbon emission reduction projects and a carbon trading market.
The agreement was signed by Zambia's Minister of Green Economy and Environment Collins Nzovu and UAE delegation leader Sheikh Ahmed Dalmook Al Maktoum.
The Zambian minister said the signing of the agreement was one of the outcomes of the visit by President Hakainde Hichilema to the UAE recently.
He said the signing of the MOU was meant to develop initiatives to be added to the framework for bilateral cooperation for the development of low-carbon strategies, activities, projects and programs especially the development of various carbon emission reduction projects in the forestry sector in Zambia.
"With the signing of the memorandum of understanding, Zambia as chair of the African Group of Negotiators on Climate Change and the UAE as incoming COP-28 President will showcase our collaboration in the carbon market at COP28," he said.
According to him, the MOU promises mutual benefits for people in the rural parts of Zambia as well as the government and people of the UAE in meeting their net zero emission status.
The minister said the global carbon trading market was valued at more than 800 billion U.S. dollars, adding that accelerating efforts to mitigate climate change will contribute to the well-being of the economy and the people.
The UAE delegation leader said the signing of the MOU signals the warm bilateral ties that have existed between the two countries and also marks a new beginning between the two countries to collaborate in carbon market trading. It will culminate in, among other things, the conducting of studies on Zambia's carbon market and how to improve it in order to bring more income to the country.