Oilinvest (Netherlands) B.V. and the Libyan Public General Services of Tripoli – Forge a Strategic Collaboration to implement a Nature-based Carbon Sequestration ARR Project in Libya

Tripoli, Libya – 17th April 2024

In a landmark collaboration aimed at carbon sequestration, environmental preservation, combating desertification, Climate Action and Life on Land (UN-SDGs 13 and 15), Oilinvest and the Public General Services Company-Tripoli have joined forces to implement an integrated reforestation and agroforestation project in Tripoli. The initiative was presented to key stakeholders from relevant government ministries, regional authorities, environmental NGOs, relevant research centres, academia and local societal representatives held at the stakeholders’ consultation meeting at the Four Points Hotel in Tripoli on April 17^th, 2024.  This Afforestation, Reforestation and Revegetation (ARR) project underscores the parties’ shared commitment to reduce carbon emissions, combat desertification, and protect the country’s natural resources.

Following a detailed presentation by Oilinvest’s Sustainability Team, highlighting the project’s environmental benefits and sustainability objectives, Oilinvest and the Public Services Company formalized their collaboration by signing an initial strategic agreement aimed at planting up to one million trees on a total area of approximately 1,450 Hectares at the unfortunately deteriorated Wildlife Park Tripoli site. The agreement set out the framework for implementing and managing the project and emphasized the Libyan State and the parties’ commitment to lowering carbon emissions and greenhouse gases.

David Pezzulli, Director of Strategy at Oilinvest, expressed the group’s excitement for the collaboration stating that: “this collaboration further reflects our unwavering commitment to promoting and developing sustainable practices, and to environmental and social responsibility”.  He added, “Oilinvest’s goal is to successfully transition into a zero-emissions energy company by 2050 in alignment with the United Nations and Paris Agreement’s target of limiting global temperature increase to below 1.5°C. We strive to reduce our carbon footprint by leveraging technologies and creative solutions in investing in such nature-based initiatives that capture greenhouse gas emissions and generate Carbon Credits to ensure their long-lasting sustainability”.

Mohamed Ismael, Head of the Public General Services Company of Tripoli welcomed Oilinvest’s involvement, stating that “we are pleased to have Oilinvest as a partner in support of our National Reforestation Campaign.  Our collaboration will address issues such as deforestation due to climate change, tree cutting vandalism, and rapid random urbanization, leading to further water scarcity and desertification.  Such issues are of pressing national concern that mandate our immediate attention. This initiative is, therefore, considered pivotal in tackling such challenges and restoring a thriving and sustainable ecosystem”.

The implementation of the ARR project will commence on an initial area of 450 hectares as a first phase and shall include a drip irrigation system and an in-house tree seedling nursery and shall progress thereafter in stages to cover the remaining 1,000 hectares. Once fully grown, the one million trees are estimated to absorb in excess of 10 million tons of CO₂ equivalent per year, significantly contributing to the realization of environmental and social sustainability and Climate Action objectives in Libya and the Mediterranean region as a whole.