Vale joins forestry initiative
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The miner said Fundo Vale, its non-profit investment arm, would join the initiative with R5 million which would be matched by the National Bank for Economic and Social Development, to fund projects such as seedling nurseries or research.
The seven-year project is expected to reforest between 16,000-33,000ha with native species and biodiversity and capture about 9 million tons of CO2 equivalent.
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SPONSOREDpolarx
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SPONSOREDoceanagold
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American Pacific building US copper position
SPONSOREDamerican pacific mining
Vale said the initiative matched the agenda of Fundo Vale, which was set up in 2010 and was responsible for Vale's forestry target of recovery and protection of 500,000ha by 2030, that was expected to capture 26,000t of CO2 equivalent per year.
Vale, which is working to overcome the fallout from two fatal tailings dam disasters in recent years, recently stepped up its investment in decarbonisation.
It had a presence at COP26, saying it would study news from the conference "to aid our reduction of CO2 emissions and transform everyone's future".
It's among the mining majors aiming for net zero emissions by 2050.