Libya’s Oilinvest Group announced yesterday the launch of a tree forestation project in Libya of one million trees.
The project will be implemented in collaboration with the Libyan Public Services Company (LPSC) to plant a variety of trees, including eucalyptus and pines, in the capital Tripoli.
The project will be implemented on 1,450 hectares of land owned by LPSC in the capital, home of 3 million people.
This collaboration, Oilinvest explained, aims to generate carbon credits to contribute to Oilinvest’s commitment to climate change mitigation and at the same time combat the adverse effects of deforestation and desertification.
Oilinvest said it aims to become a net-zero emissions energy company to limit temperature increases to below 1.5°C by 2050 as outlined in the Paris Accord.
Headquartered in The Hague, the Libyan state-owned Group owns and operates its own refinery and various large storage, blending and loading facilities. It operates more than 2,400 service stations and annually markets in excess of 10 million tons of fuel products. Through its portfolio, the Oilinvest Group supplies, trades, refines, and markets petroleum products in 5 European territories: Germany, Italy, The Netherlands, Spain, and Switzerland.
David Pezzulli, Director of Strategy for the Oilinvest Group, expressed enthusiasm about this collaboration, stating: “Our collaboration with the LPSC underscores our unwavering commitment to sustainable practices and environmental responsibility. We invest in modern technologies and implement innovative solutions to minimize our carbon footprint. Investing in nature-based projects, such as this, capture remaining emissions and provide Carbon Credits in the process.”
Mohamed Ismael, Head of LPSC, welcomed Oilinvest’s initiative stating: “we are pleased to have Oilinvest support our National Reforestation Campaign under the auspices of Prime Minister Abd Alhamid Aldabaiba. Isamael added, “tree cutting, neglecting their cultivation, and urban development are considered among one of the most significant reasons for the scarcity of rainfall and desertification, which are urgent environmental issues. This project will play a decisive role in confronting these challenges and restoring a vibrant, life-sustaining ecosystem.”
Absorb 10 million plus kgs of CO2 per year
The project will commence in Q1, 2024 on an initial area of 450 Hectares which is being fitted with an irrigation system and will continue in stages to cover the remaining 1,000 hectares. Once completed and fully grown, it is estimated that 1 million trees can absorb more than 10 million kilograms of CO2 per year, Oilinvest added.