ITFC Signs MOU with RVCMC to Assist Maldives in Achieving Sustainability Goals
The International Islamic Trade Finance Corporation (ITFC) has signed a Memorandum of Understanding (MOU) with the Regional Voluntary Carbon Market Company (RVCMC) to assist the Republic of Maldives in achieving its sustainability goals and addressing the impact of climate change.
The project aims to assess the potential and feasibility of generating “Blue Carbon Credits” from the Maldives Coastal Ecosystem, specifically mangrove forests and seagrass meadows. The agreement, signed on the sidelines of the IsDB Group Annual Meetings in Riyadh, will facilitate the sale of these credits to carbon markets.
Eng. Hani Salem Sonbol, CEO of ITFC, emphasized the organization’s commitment to sustainability and supporting Member Countries in the fight against climate change. The collaboration with RVCMC and the Republic of Maldives signifies a growing interest in carbon credits and provides an opportunity for the Maldives to achieve its sustainability goals.
Riham ElGizy, CEO of RVCMC, highlighted the potential of developing blue carbon projects in the Maldives and the positive climate impacts that can be achieved through the preservation and restoration of coastal habitats.
This collaboration marks a milestone for ITFC in aligning with global environmental, social, and governance (ESG) practices and integrating environmental conservation with sustainable economic development. It is a significant step towards benefiting both the Maldives and the global fight against climate change.
RVCMC has already made strides in the voluntary carbon market, successfully auctioning millions of tons of carbon credits in Nairobi and Riyadh. The company’s focus on high-quality carbon credits and positive climate action demonstrates its commitment to making a global impact in the fight against climate change.