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Friday, November 19, 2021
Wentworth Resources today announced that it has entered into a Memorandum of Understanding with Vitol regarding the supply of carbon credits to partially offset the impacts of its emissions footprint at Mnazi Bay. Key highlights include:
Wentworth and Vitol will jointly develop new community-focused carbon credit programs in Tanzania, with Wentworth committing to offtake a material portion of the carbon offsets between 2022 and 2030;
Wentworth and Vitol will co-design the projects with stakeholders, local implementation partners and Government, thereby ensuring the co-benefits of the projects are aligned to the UN Sustainable Development Goals and creating immediate, positive outcomes for the partnering communities associated with Wentworth’s working interests and operations; and
The immediate objective is for Wentworth to offset all Scope 1 and 2 emissions and partially offset Scope 3 emissions from 2022.
Katherine Roe, CEO of Wentworth, commented: “Emerging economies, particularly in Africa, are disproportionately impacted by climate change, despite having contributed the least in terms of global warming – yet the threat of energy poverty to a country like Tanzania is very real and a just transition is critical. Whilst COP26 has elevated climate to the very top of the corporate and global agenda, we hope it also paves the way for a more inclusive conversation with emerging economies to ensure the energy transition places them at the center too.
Our gas plays a critical role in addressing the energy access gap in Tanzania, but we must endeavor to do more to mitigate the impacts from fossil fuels. Whilst investments are made to achieve a global net zero ambition, we must be responsible in playing our part to offset the negative impacts from our production right now. Whilst being a non-operating partner at Mnazi Bay, we are working actively with Maurel et Prom to reduce our operational emissions but in the interim we do not want to be complacent.
We are proud to be working with Vitol, an expert in the carbon offsetting industry, to identify credible, high-quality, and impactful programs with UN SDG-aligned benefits in Tanzania. Our communities are critical to maintaining our license to operate, and we are committed to removing, avoiding and offsetting emissions as much as we can that are potentially damaging to their livelihoods.
We recognize that carbon offsets are not the single solution to climate change and will continue to prioritize abatement where possible. We look forward to updating our stakeholders on our ongoing progress as we strive to be a responsible partner for Tanzania.”
Michael Curran, Head of Carbon Emissions Matrix, Vitol, added: “We are pleased to be working with Wentworth on these projects. Across our carbon business we are committed to only developing high quality projects that combine environmental benefits with a strong alignment to the UN SDGs. This is a great example of cooperation with a responsible in-country producer where we co-design a purpose-built carbon offset program together.”
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