LONDON, Jan. 3, 2024 /PRNewswire/ -- Carbonaires Limited ("Carbonaires" or the "Company"), the London-based carbon asset manager, today announces that it has signed a Memorandum of Understanding (MoU) with the Republic of North Macedonia (MKD) in a groundbreaking Public-Private Partnership (PPP) to develop robust Voluntary Carbon Markets (VCMs) within the country. This landmark agreement marks a significant step forward in addressing climate change, not only for MKD but also as a potential model for other regional and international jurisdictions.
This innovative PPP sets a potential precedent on the world stage, showcasing a new model for effective cooperation between governments and private entities in developing robust VCMs. The year-long negotiations leading to this landmark agreement were facilitated by Mr. Eser Cevahir, Board Member of Cevahir Holding and Honorary Consul of North Macedonia to Turkey.
The MoU reflects both parties' intentions to collaborate on the further development of rules and regulations for VCMs within the country. The agreement focuses on two key objectives:
- To develop a strong regulatory framework for VCMs: The two parties will collaborate to analyse and strengthen existing legal frameworks governing VCMs, building upon national climate change legislation and strategies. This will ensure greater transparency and alignment with international best practices and set the highest standards of integrity for the country's own VCMs.
- To implement a project: The partnership will oversee the implementation of a high-integrity VCM project within MKD. Chosen in consultation with the government, the project could involve initiatives to remove carbon from the air, such as afforestation, biochar production or enhanced rock weathering - all aimed at generating high-quality, high-integrity carbon offsets.
Developing VCMs unlocks a number of benefits for MKD. It not only accelerates domestic environmental action but also sets a model of best practice for other nations and demonstrates regional leadership. The evolution of VCMs demonstrates MKD's commitment to achieving carbon neutrality and will help to deliver increased green investment and job creation, improved air quality and economic growth.
Through this partnership, Carbonaires will expand its global reach and build greater regional experience, further solidifying its position as a leader in the VCMs. Collaborating with the MKD government on project implementation offers a unique opportunity to refine practical solutions for VCMs in partnership with a public entity.
The immediate activation of the MOU underscores the commitment of both parties to swift progress, with a one-year timeframe set for jointly developing and implementing the agreed-upon activities.
Mr. Fatmir Bytyqi, Deputy Prime Minister of the Republic of North Macedonia said:
"This partnership marks a significant step in the decarbonisation of our nation. The Republic of North Macedonia believes Public Private Partnerships are the key to unlocking a robust Voluntary Carbon Market, evidenced through our collaboration with Carbonaires. Working in this way is about securing jobs and better air quality both in the short and longer terms. It is about demonstrating leadership and political will to embrace a green economic future regionally and internationally. We have a duty to consider the stewardship of our nation's natural resources for future generations. We must be bold enough to take such steps now and not at some future undetermined date when it may be too late."
Mr. Eser Cevahir, Honorary Consul of North Macedonia to Turkey said:
"We are excited to partner with Carbonaires in this groundbreaking initiative. We believe that this PPP has the potential to not only propel the Republic of North Macedonia's journey towards carbon neutrality but also pave the way for a transformative approach to VCM development regionally and globally.
Mr. Rasih Ozturkmen, CEO and founder of Carbonaires, said:
"This collaboration marks a pivotal moment in Carbonaires' mission to drive effective climate action through robust VCMs. We are confident that working alongside the Republic of North Macedonia's government will not only benefit the country and the environment but also serve as a model for developing VCMs regionally and internationally."
Carbonaires was founded in 2021 by a group of entrepreneurial investors and ESG ambassadors to finance high-quality, high-integrity carbon reduction projects. Through its proven streaming model, the company provides funding to enterprises that demonstrably reduce atmospheric carbon, in turn helping businesses to strengthen their financial viability. The carbon credits generated through projects are made available for purchase to corporations who have committed to a transparent and verifiable carbon reduction plan.
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