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Tuesday, September 26, 2023

Ecologistics partners with Zoetic Global, Tesla Carbon Bank to grow African carbon market

At the FESTAC Africa 2023, Ecologistics Integrated Services announced the company has signed a Memorandum of Understanding (MoU) with Zoetic Global and Tesla Carbon Bank, a voluntary carbon credit programme, to facilitate the growth of Africa’s carbon market.

Pictured at the signing ceremony for the new partnership are (left to right): Ecologistics President, Dr. Paul Abolo; Zoetic Chairman and Co-Founder, Jerome Ringo; and Vivaris Capital President & CEO, J. Christopher Mizer. Photo credit: PRNewsfoto/Zoetic Global

FESTAC Africa is a celebration of the black people all over the world with themes on their arts, culture, heritage and other various historical and contemporary issues.

The Climate Change segment, themed: “Strategic Partnership for Development of Carbon Markets in Africa”, was anchored by three environmental outfits: Ecologistics, Zoetic and Tesla Carbon Bank.

The partnership establishes an alliance to support the successful development of Africa’s carbon market. The partnership will work with key corporations in Africa to generate carbon credits and carbon reduction certificates.

Such corporations, it was gathered, will be able to save over 20-40 percent on their energy bills, receive carbon credits based on precise monitoring of their systems and operations and have the capability of measuring their sustainability and carbon mitigation initiatives.

Addressing the participants, Executive Chairman and co-founder, Zoetic Refrigerants, USA, Jerome Ringo, said: “Zoetic U.S.A and Tesla Carbon Bank joins with Ecologistics in developing the carbon market throughout Africa. Zoetic and Tesla Carbon Bank have established the leading platform to source, verify, register and sell credits. Zoetic will help generate credits in Africa.”

The segment also had a technical session with participants in the respective sessions spanning across African leaders in public and private sectors. The theme of the session, “From Aids to Empowerment”, explored three other sub-themes: “Changing the African Psychology of Climate Action”, “Solidification of African Climate Identity” and “Creating Competency for the Carbon Market”.

In his presentation at the session, President of Ecologistics, Dr. Paul Abolo, emphasised the need to integrate carbon dimensions in Africa’s development through carbon reduction projects and programmes for nations, corporations, banks, and asset owners to accelerate their net zero journeys.

Dr. Abolo added: “’Changing African Psychology of Climate Action’ simply implies transiting from an attitude of ‘asking for aids for adaptation’ to that of ‘capacity for empowerment’, aimed at generating revenue from mitigation activities, principally, carbon reduction certificates. This is what the Ecologistics/Zoetic/Tesla Carbon Bank partnership seeks to facilitate.”

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