By Abbas Nazil
Senegal marine authorities have entered into two climate cooperation agreements with Hong Kong-based Carbon Industries Group to restore approximately 79,000 acres of mangrove forests in the francophone West African nation.
This blue carbon initiative is one of the largest commitments of its kind announced in West Africa and could generate hundreds of millions of dollars in carbon credit revenue over a 22-year crediting period, subject to verification, registry approval, and sustained demand for high-quality credits.
Business Insider reports that projected revenues from the mangrove restoration initiative could reach USD 550 million under conservative carbon price assumptions, with potential upside of up to USD 800 million if market conditions strengthen.
A second memorandum of understanding with Senegal’s National Domestic Biogas Program will support a ten-year rollout of 27,000 household biodigesters.
These systems decompose organic material through anaerobic digestion, producing emissions reductions that the government will partially retain for climate reporting, while authorized mitigation outcomes may be transferred internationally under Article 6.2, subject to corresponding adjustments.
Senegal has steadily strengthened its position in international carbon markets, engaging in bilateral cooperation with countries including Switzerland, Singapore, and Norway, and establishing itself as an active participant in climate finance frameworks.
To implement these projects and navigate complex international carbon market rules, Carbon Industries Group has recruited Sam Warburton, former head of carbon at STX Group, as a senior strategist and equity partner.
Hilde Watty, CEO of Carbon Industries Group, has leveraged her experience in scaling international businesses to guide the company’s expansion into climate finance and carbon project development.
If both initiatives progress through verification and issuance, Carbon Industries Group could establish a multi-year revenue base exceeding approximately USD 500 million.
These projects underscore Senegal’s commitment to leveraging nature-based solutions and renewable energy programs to generate verified carbon credits while contributing to global climate mitigation efforts.
The agreements highlight the growing intersection of climate finance, international partnerships, and sustainable development in Africa, with potential long-term environmental and economic benefits for the country.
Senegal’s collaboration with a global developer reflects increasing interest in market-based solutions for climate adaptation and mitigation, demonstrating the strategic role of carbon credits in achieving both national and international climate goals.