France-headed global oil, gas, and energy major TotalEnergies SE has announced that it has signed an agreement with the Government of Suriname to provide support for its national strategy to reduce greenhouse gas (GHG) emissions by preserving forests in the country. This public-private partnership the company says "illustrates the alignment between the ambition of TotalEnergies and the Government of Suriname to protect forest ecosystems and biodiversity while benefiting local communities."
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The agreement signed by the Government of Suriname and TotalEnergies provides for future projects to preserve forest ecosystems. The emissions reductions stemming from these actions shall be certified in accordance with the highest international standard.
This carbon credit exchange agreement is a historical milestone for Suriname. Our country is determined to establish institutional capacity first. The carbon credit market has a very promising future for High Forest Low Deforestation (HFLD) countries, but the benefits will not only be determined by mere market forces. They will mainly be determined by the ability of the countries’ governing institutes to manage their natural resources at an unprecedented level of professionalism. This agreement with TotalEnergies provides the opportunity to do so, said Silvano Tjong-Ahin, Suriname’s Minister of Spatial Planning and Environment.
Suriname’s Amazon forest covers more than 15 million hectares (ha) and absorbs billions of tonnes of carbon dioxide (CO2) each year. It is home to rich biodiversity and plays a crucial historical and cultural role in local communities.
The development of new economic activities and the growing demand for natural resources puts pressure on the forests, making the implementation of sustainable development models more necessary than ever.
We are delighted to partner with the Government of Suriname to preserve forests as carbon sinks in the country. This agreement, which aims to protect forest ecosystems and biodiversity while benefiting local communities, is aligned with the Suriname government’s REDD+ strategy, the United Nations Framework Convention on Climate Change (UNFCCC), and the conclusions of the Paris Agreement. TotalEnergies’ ambition to get to Net Zero for its scope 1 & 2 emissions is based on a series of tangible measures designed first to avoid, then to reduce our greenhouse gas emissions by implementing best available technologies, and lastly to offset residual emissions, in particular through nature-based solutions like forest preservation. This agreement illustrates our approach, said Christine Healy, SVP Carbon Neutrality at TotalEnergies.
Via its business unit TotalEnergies Nature-Based Solutions, TotalEnergies plans to spend US$100 million per year to build a portfolio of projects capable of generating at least 5 million tonnes of CO2e of carbon credits per year by 2030. These carbon credits will be used after 2030 to offset the company’s scope 1 & 2 emissions.