With the approval of Sindh Chief Minister (CM) Qaim Ali Shah, the provincial forest department signed a Memorandum of Understanding (MoU) with Merlins Wood Limited (United Kingdom) here on Tuesday.
Under the MoU, a British firm would arrange funds worth $ 8 to $ 10 million from various sponsors for the REDD+ activities in the province.
The memorandum was signed by Riaz Ahmed Wagan, Chief Conservator of Forests in Sindh on behalf of Sindh government and Merlins Wood Limited Director Surreikha Khan. Those who witnessed the MoU singing included the secretary forest and wildlife department and other officials concerned.
The MoU provided that the Merlins Wood would develop an emissions reduction programme in the forestry sector of Sindh.
This programme would help conserve, develop and manage sustainably, the forest areas for the social, economic and ecological welfare of local people and would also mitigate the adverse impact of climate change as well as help in earning carbon credits.
Some 50,000 hectare of pilot forest areas in mangroves, riverine and irrigated plantations of Sindh had been earmarked for the REDD+ project.
The Merlin Wood and its partners would provide investment for the forestry sector under the voluntary carbon offsets market (REDD+) and compliance market under the Clean Development Mechanism (CDM).
The duration of the MoU for pilot phase would be from eight years up to 2020 (Kyoto Protocol Extension date) and extendable up to 30 years on the compliance of mutual agreed terms and conditions.