22nd Jul 2024 15:41
(Alliance News) - Inqo Investments Ltd announced on Monday the completion of a major reforestation project in South Africa.
The South Africa-focused social impact investment firm launched the project in August 2022, and has since planted over 30 million spekboom cuttings on 5,000 hectares of degraded land at the Kuzuko private game reserve.
The project is a partnership between Inqo Investments and AfriCarbon through its subsidiary, Spekboom Trading, and has been funded through a long-term carbon finance agreement with Reforest'Action.
"The project is a direct response to the call for action by the UN Decade on Ecosystem Restoration for individuals and organisations to rapidly upscale the implementation of ecosystem restoration projects so that hundreds of millions of hectares of degraded land are restored by the year 2030," said Anthony Mills, founder & director of AfriCarbon.
Director of Inqo Investments, David Louw, said: "We are delighted that this project, one of the largest reforestation projects in South Africa, has had both an environmental as well as a social impact in our region".
The Kuzuko project is the first step in the long-term vision to restore more than one million hectares of degraded land across the Eastern Cape.
Inqo was last traded at 67.00 pence on the AQSE in London last week.
By Lydia Doye, Alliance News reporter
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