ALLCOT Blue Carbon Mangrove Senegal

Summary

- The ALLCOT Senegal project is focused at strengthening the vegetation cover of the mangrove ecosystems in Senegal.
- Mangroves in Senegal are under threat due to illegal logging and unsustainable fishing practices.
- The project also aims to improve the production and income of local vulnerable groups.
- The project proponent will spend 50% of net income from approved VCS projects for community development and national institutions.
- The project follows the ‘Afforestation and reforestation of degraded mangrove habitats (AR-AM0014)’ methodology.
- Solid World is offering 1500 forward credits for 2024, 2800 for 2025, 3700 for 2026, and 4000 for 2027 from the project.
- Solid World issues tokenized pre-paid forward carbon credits to help fund climate projects. We guarantee delivery of these credits and provide flexibility in their ownership. Along with the guaranteed delivery the credits offered also hold top priority of delivery. We also offer off-chain redemption.

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Project Overview

In the coastal regions of Senegal, the Casamance and Siné-Saloum, a unique and vital ecosystem is under threat. The mangrove forests, which serve as a lifeline for the local communities and a rich habitat for diverse wildlife, are rapidly disappearing due to deforestation. Recognizing the urgency of the situation, a remarkable restoration initiative, the ABC Mangrove Senegal project, was launched.

The Community at the Heart of Reforestation

The ABC Mangrove Senegal project, initiated by ALLCOT Blue Carbon, is a community-driven effort that places the local communities at the heart of its reforestation strategy. The project was born out of a realization by Arthur Coly, a village elder from Tobor, who noticed that mangrove deforestation was directly affecting their food sources. Along with Albert Seydi, Moustapha Sané, and Joseph Thiago, Arthur Coly began planting mangrove seeds in deforested areas, marking the beginning of a large-scale reforestation effort that now involves multiple villages in the region.

The project aims to reforest at least 5,000 hectares of mangrove ecosystems, with a focus on strengthening the vegetation cover, improving the production and income of vulnerable groups, and building the capacity of these groups to use land resources sustainably. The local communities are involved in every step of the project, from providing information on project activities to teaching basic concepts on climate change and carbon sequestration.

The Role of Partnerships

The ABC Mangrove Senegal project has also fostered partnerships with various organizations, including the University of Zinguinchor, DAMCP, and DEFCCS. These partnerships provide invaluable support in the development and implementation of project initiatives, offering technical and administrative assistance in the implementation of mangrove restoration projects.

A key strategy of the project is the use of carbon credits as a financial tool for investing in sustainable development. By reforesting and restoring the mangroves, the project contributes to climate change mitigation and adaptation, generating carbon credits that are shared with the communities. This innovative approach provides an economic incentive for reforestation and empowers the communities to invest in their sustainable development.

This project aims to build capacities within the community for the sustainable use of land resources, ensuring that restoration efforts do not come at the expense of the local communities way of life. Training and technical assistance are provided to the communities through reforestation, and sustainable practices for the collection of mangrove products are encouraged.

The project also introduces alternative livelihood opportunities, such as high-value crop cultivation, beekeeping, and ecotourism, which reduce pressure on mangrove forests and provide additional income sources for the communities. An improvement of the basic infrastructure for rural communities is also targeted.

The Future of the Project

Looking ahead, the ABC Mangrove Senegal project is poised to continue its positive impact on the region and its people. With a 30-year scope, the project is committed to the long-term sustainability of the region's resources and the livelihoods of its people. The project area, constituted of bare land, will be reforested with mangrove species at a density of 5,000 trees per hectare. With regular monitoring and community involvement, these plants will grow to become important carbon sinks, contributing to the fight against climate change.

The ABC Mangrove Senegal project is more than just a reforestation initiative; it is a movement that brings together communities, organizations, and individuals in a shared mission to protect and restore the mangrove ecosystems. By placing the local communities at the heart of its efforts, the project not only ensures the preservation of the mangroves but also empowers the communities to take charge of their future. As we look to the future, the project stands as a shining example of how we can work together to protect our planet, one mangrove at a time.

Technical Overview

The 'ALLCOT Blue Carbon Mangrove Senegal' project follows AR-AM0014 methodology. The project has shown additionality using alternative land use scenarios, barrier analysis and common practice analysis. Without carbon finance, the baseline scenario of deforestation and degradation of mangroves due to the wood extraction and fishing will continue.

The project will plant 3 native species of mangroves and it will sequestrate an estimated 2.2 million tCO2e over a period of 2022-2051. Apart from the carbon sequestration, the project will also address issues such as biodiversity improvement and poverty reduction with sustainable livelihoods in the coastal communities.
Note: At present, we have integrated only three of the Sustainable Development Goals (SDGs). However, as the project progresses it is expected to have many more SDGs, which we will duly update.

Project Status

Analysis using CRISP

The graph above illustrates the application of the CRISP rating system to the ALLCOT Senegal project. For each projected year (2023 to 2027), ratings from D to AAA are assigned, denoting varying levels of risk for non-delivery of forward carbon credit units. Lower net risk scores signify higher non-delivery risk, while higher scores indicate lower risk. The CRISP-M credits, prioritized within the AAA to A range, substantially mitigate non-delivery risk. The "Offered through Solid World" marker on the graph indicates that the CRISP-M pool includes 1500 forward credits for 2024, 2800 forward credits for 2025, 3700 forward credits for 2026, and 4000 forward credits for 2027.

The net score is calculated as the sum of weightages of CRISP risk factors: Carbon yield risk weightage (max 60), Climate catastrophe risk weightage (max 10), Policy and legal risk weightage (max 15), Vintage’s Net financial risk weightage (max 10), and Project developer risk weightage (max 5).

The table below illustrates the contribution of each CRISP risk factor to the net score for the vintages "Offered through Solid World" from 2024 to 2027.

Contracts

Solid World takes pride in its commitment to transparency and market standardization. To achieve this, we make all legal contracts signed with our suppliers publicly available. By doing so, we aim to bring much-needed transparency to the market and establish a standardized approach for carbon credit transactions.

Main Terms:

1-1 Backing: Each token issued by Solid World is backed by a prepaid forward carbon credit. This ensures that every token represents an exact amount of carbon reduction or sequestration, providing clarity and accountability in the market.

Guaranteed Delivery: Every forward carbon credit within our platform comes with a guarantee of delivery. In the event of any unforeseen circumstances affecting the project's ability to fulfill its carbon credit commitments, the supplier is obligated to either repurchase their position or provide replacement credits. This guarantee safeguards the interests of buyers and maintains the integrity of the carbon credit market. Along with the guaranteed delivery the credits offered also hold top priority of delivery.

Ownership and Transfer: Buyers have the opportunity to purchase forward carbon credit tokens, which grants them ownership of these credits. As token holders, buyers have the ability to hold, trade, or transfer their ownership rights according to their preferences.

Off-Chain Redemption: Buyers with registry accounts can request the transfer of project forward carbon credits off-chain. To initiate this process, buyers can contact Solid World at [email protected]. Upon receiving the request, Solid World facilitates the transfer by burning the project tokens and notifying the supplier of the contract transfer. Following the transfer, the counterparty for the buyer becomes the supplier, ensuring a seamless off-chain ownership experience.

By adhering to these clear terms and providing public access to legal contracts, Solid World establishes trust, standardizes market practices, and promotes transparency within the carbon credit industry.