A Mota-Engil has signed a contract for the marketing and sale of carbon credits with Trafigura, which provides for an initial payment of up to 83.5 million euros (100 million dollars), according to a statement.
In the notice published by the Comissão do Mercado de Valores Mobiliários (CMVM), it stated that, “through its subsidiary Mamaland, it signed an exclusive contract for the marketing and sale of carbon credits with Trafigura Pte Ltd”.
According to the company, “this contract provides for the payment of an initial amount of up to 100 million US dollars, of which 50% will be paid following its signing, for the right of exclusivity and as an advance.”
This contract has a duration of 40 years and covers 14 forests located in Malawi, with a total approximate area of 550,000 hectares, exploited under concession contracts with the Government of that country.
According to Mota-Engil, those forests, “over the term of the contract, are expected to generate more than 30 million tonnes of high-integrity carbon removal credits,” with “the same to be traded on an open market, with the revenues to be fully paid to Mamaland, after deducting the marketing commission” for Trafigura.
