Wentworth Resources PLC (AIM:WEN) has inked a deal with Vitol which will supply the AIM-quoted gas company with carbon credits to partially offset the impacts of its emissions footprint at the Mnazi Bay project, in Tanzania.
It is described as a community-focused carbon credit programme, with the two companies seeking to co-finance projects that can also deliver tangible impacts to the communities and country in which Wentworth supplies natural gas.
Wentworth highlighted that it intends to offset all Scope 1 and 2 emissions and partially offset Scope 3 emissions from 2022 onwards.
It intends that all carbon credits will be registered with international accreditation bodies and the programme will be independently audited from 2022.
“Our gas plays a critical role in addressing the energy access gap in Tanzania, but we must endeavour to do more to mitigate the impacts from fossil fuels,” said Wentworth chief executive Katherine Roe.
“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 programmes with UN SDG-aligned benefits in Tanzania.”
Roe added: "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 centre too.”