Vanuatu takes bold step toward a post-carbon economy with new partnership
December 12, 2024 9:58 pm | Posted in Business News | Share now TwitterFacebook
Vanuatu has taken a huge step towards joining the post-carbon economy with a new partnership.
Since the Paris Agreement and the Kyoto Protocol, countries have been striving to create a new economy based on green projects, greenhouse gases (GHG) reduction, and carbon sequestration.
The global green economy, often referred to as the carbon economy, involves removing or limiting greenhouse gases in the atmosphere through methods like planting trees, using renewable energies, and other practices. These “offsets” can then be sold to other countries or companies striving to achieve “carbon neutral” status.
This sector is one of the fastest-growing economies worldwide. In 2022, it was estimated to be worth USD 331.8 billion, and by 2023, it had grown to USD 949 billion.
Vanuatu has been monitoring this emerging economy for several years, but the lack of capacity and know-how has limited its involvement to only a few isolated projects. However, Vanuatu has now made the decision to partner with GEObjects Oceania Ltd, a company that can provide the experience, training, and cutting-edge software needed to kickstart the carbon economy.
The Acting Caretaker Minister of Climate Change and Caretaker Minister of Internal Affairs, Andrew Napuat, has teamed up with GEObjects, stressing it is time for Vanuatu to take action: “We have attended numerous COP meetings, and now it’s time to get the tools to empower our government, private sector, customary landowners, and the people,” he said. “Let them all join this new economy and help preserve our country while generating revenue.”
Following the advice of the Attorney General’s Office, Caretaker Minister Napuat signed a Memorandum of Understanding (MOU) with GEObjects on 9th of December 2024, allowing them to begin their efforts without delay. A further agreement will be finalised swiftly to advance this important project.
GEObjects is at the forefront of this field, with experts who contributed to the creation and enhancement of Australia’s environmental measurement systems. The company has advised numerous countries, provided aid work across the Pacific and globally, and consulted with leading GHG and carbon brokers.
Through this partnership, the Vanuatu Government and GEObjects will collaborate to prepare the necessary legislation and policies, implement tools and software for data collection, and set up a carbon credit trading platform under the Ministry of Finance—making Vanuatu the first developing nation to do so.
