The International Islamic Trade Finance Corporation (ITFC) (www.ITFC-idb.org), a member of the Islamic Development Bank (IsDB) Group, signed a Memorandum of Understanding (MOU) with the Regional Voluntary Carbon Market Company (RVCMC) aimed to assist the Republic of Maldives in achieving its sustainability goals and addressing climate change’s impact.

The project aims to assess the potential and feasibility of generating “Blue Carbon Credits” from the Maldives Coastal Ecosystem (mangroves forests and seagrass meadows) and to facilitate the sale of generated credits to carbon markets.  This agreement was signed between Eng. Hani Salem Sonbol, CEO of ITFC and Riham ElGizy, CEO of RVCMC on the sidelines of the IsDB Group Annual Meetings held in Riyadh.

Commenting on the signing of the agreement, Eng. Hani Salem Sonbol, CEO of ITFC stated: “At ITFC, we prioritize sustainability in all our interventions aimed at supporting our Member Countries. Our commitment is to assist in the fight against climate change by partnering with national and regional efforts. This new collaboration with RVCMC and the Republic of Maldives is significant as it demonstrates the growing interest of our Member Countries in carbon credit. It also provides an opportunity for the Maldives to achieve its sustainability goals, which will benefit the population and the local economy.”

Riham ElGizy, CEO of RVCMC said, “The voluntary carbon market scales projects that mitigate the impact of climate change and promote sustainable development, and we see significant potential in developing blue carbon projects in the Maldives. By integrating carbon reduction and removal initiatives through the preservation and restoration of coastal habitats into its broader sustainability agenda, we believe that the Government of Maldives can achieve lasting positive climate impacts.”

This collaboration with RVCMC marks a milestone towards ITFC’s ambition to align with global environmental, social, and governance (ESG) practices and integrate environmental conservation with sustainable economic development, benefiting both the Maldives and the global fight against climate change.

Distributed by APO Group on behalf of International Islamic Trade Finance Corporation (ITFC).

Media Contact:
ITFC
Tel: +966 12 646 8337
Fax: +966 12 637 1064
E-mail: ITFC@itfc-idb.org

RVCMC
For commercial enquiries about participating in RVCMC’s voluntary carbon markets, please contact: MVCM@pif.gov.sa
For media enquiries about RVCMC, please contact: RVCMC@teneo.com

Social Media:
ITFC
Twitter: https://apo-opa.co/49nwieY
Facebook: https://apo-opa.co/49eQEIa
LinkedIn: https://apo-opa.co/49WCtY7

RVCMC
Follow the company on Linkedin: https://apo-opa.co/3K482nP
Follow on Twitter: https://apo-opa.co/3JYC24H; https://apo-opa.co/3JVEk4H
View the website: https://VCM.com.sa

About the International Islamic Trade Finance Corporation (ITFC):
The International Islamic Trade Finance Corporation (ITFC) is a member of the Islamic Development Bank (IsDB) Group. It was established with the primary objective of advancing trade among OIC member countries, which would ultimately contribute to the overarching goal of improving the socioeconomic conditions of the people across the world. Commencing operations in January 2008, ITFC has provided US$75 billion of financing to OIC member countries, making it the leading provider of trade solutions for these member countries’ needs. With a mission to become a catalyst for trade development for OIC member countries and beyond, the Corporation helps entities in member countries gain better access to trade finance and provides them with the necessary trade-related capacity-building tools, which would enable them to successfully compete in the global market.

About RVCMC: 
RVCMC was established by Public Investment Fund (PIF) and Saudi Tadawul Group Holding Company (Saudi Tadawul Group) in October 2022. PIF holds an 80% stake and Tadawul Group holds a 20% stake in the company. RVCMC is creating a credible voluntary carbon market at speed and at scale with global impact. The market prioritizes high quality carbon credits and positive climate action. The company is creating an ecosystem that includes an investment fund for climate mitigation projects, an exchange for the trading of carbon credits and advisory services that help organizations understand how to decarbonize.

RVCMC successfully auctioned 2.2 million tons of voluntary carbon credits in the largest-ever carbon credit sale that was held in Nairobi, Kenya on June 14th, 2023. The auction offered high-quality CORSIA-eligible and Verra-registered carbon credits. The Nairobi event was the second sale of carbon credits held by RVCMC. In October 2022, RVCMC hosted its first auction at the sixth Future Investment Initiative (FII) in Riyadh. This marked what was then the largest-ever carbon credit sale auction with 1.4 million tons of carbon credits successfully auctioned: enough to compensate for the annual emissions of approximately 250,000 gasoline-powered family cars.  In October 2023, RVCMC and PIF hosted the world’s first Global South Carbon Market Conference at FII7 in Riyadh.  

The ECOWAS Centre for Renewable Energy and Energy Efficiency (ECREEE) held a validation workshop for the ECREEE 2023-2027 Gender Mainstreaming Strategy and Action Plan Report the 9 May 2024 in Praia. This activity supported by GIZ as part of Program Promoting a Climate-friendly Energy Market in West Africa (ProCEM-II).

This validation workshop brought together all ECREEE staff with the participation of a delega-tion from the ECOWAS Centre for Gender Development (CDCG) led by its Director and the Gen-der focal point of the ROGEAP project.

The workshop’s main objective was to validate the ECREEE’s 2023-2027 Gender Strategy and Action Plan among the major stakeholders, which included experts, and advocates in the fields of renewable energy and gender equality. The event also provided a chance to promote awa-reness and train ECREEE and Gender Focal Point staff.

At the opening ceremony, the executive director of ECREEE, Mr. Francis Sempore, emphasized the importance of mainstreaming gender considerations into energy policies and projects, un-derscoring that gender equality is not just a matter of social justice; it is also critical for achieving sustainable development and maximizing the impact of renewable energy and ener-gy efficiency initiatives.

Mrs. Sandra Oulate, director of the ECOWAS Centre for Gender Development (CDCG), expressed the full commitment of the Centre to support ECREEE in implementing its Gender Mainstreaming Strategy and Action Plan at the regional level, as the document translates the commitment of ECOWAS in promoting gender sensitive policies and initiatives.

The workshop served as a platform for stakeholders to provide valuable insights, feedback, and recommendations to enhance the effectiveness and relevance of the Gender Mainstreaming Strategy. Participants engaged in lively discussions, sharing best practices, success stories, and innovative approaches to advancing gender equality within the renewable energy sector.
A report was pre-approved by the National Gender-Energy Focal Points of the Ministries of Energy of ECOWAS Member States during an online workshop on 8 May 2024.

Distributed by APO Group on behalf of Economic Community of West African States (ECOWAS).

On May 10th, Yin Chengwu, Chinese Ambassador to Liberia, met with Ms. Bintia Stephen Tchicaya, the Representative of Food and Agriculture Organization of the United Nations. The two sides exchanged views on strengthening multilateral cooperation in the field of agriculture.

Distributed by APO Group on behalf of Embassy of the People’s Republic of China in the Republic of Liberia.

The government will consistently address the persistent human resource challenges that slow down the realisation of Universal Health Coverage, President William Ruto has said.

The President said the government will continually engage stakeholders in the health sector, including health workers’ unions, to promote industrial harmony and long-lasting solutions to the challenges.

He spoke at a meeting with the leadership of the Kenya Medical Practitioners Pharmacists and Dentists Union led by Secretary-General Davji Atellah at State House, Nairobi.

On its part, the union committed to champion and support the universal healthcare agenda and the rolling out of social health insurance to all Kenyans.

Others present at the meeting were Health of Public Service Felix Koskei, Health Cabinet Secretary Susan Nakhumicha and Principal Secretary in the State Department of Public Health and Professional Standards Mary Muthoni.

Distributed by APO Group on behalf of President of the Republic of Kenya.