Zambia and the United Arab Emirates signed a memorandum of understanding (MOU) on Tuesday to boost cooperation in the development of several carbon emission reduction projects and a carbon trading market.

The agreement was penned by Zambia's Minister of Green Economy and Environment, Collins Nzovu and UAE delegation leader, Sheikh Ahmed Dalmook Al Maktoum.

The MOU was a result of Zambian president Hakainde Hichilema’s recent visit to the UAE, the minister stated.

He said the signing of the memorandum of understanding is aimed at advancing initiatives for bilateral cooperation in terms of developing low-carbon projects and activities, particularly numerous carbon emission reduction projects within the forestry sector in Zambia.

“With the signing of the memorandum of understanding, Zambia as chair of the African Group of Negotiators on Climate Change and the UAE as incoming COP-28 President will showcase our collaboration in the carbon market at COP28,” the minister added.

The memorandum of understanding pledges mutual benefits for those residing in rural parts of Zambia, along with the government and UAE citizens in regard to meeting their net zero emission status.

The Zambian minister went on to add that the global carbon trading market had a value of more than $800 billion, and increasing efforts to tackle climate change will boost the economy’s well-being as well as the people.

Furthermore, the UAE delegation leader said the signing of the agreement indicates the bilateral ties between the countries, and signals a fresh start between them to collaborate in carbon market trading. Amongst other factors, this will lead to a series of studies being carried out on Zambia's carbon market and ways it can be improved in order to increase income to the country.