Dili, Timor-Leste – June 10, 2024

President J. Ramos-Horta rolled out the red carpet today for a major Chinese investor that will develop carbon credit projects in Timor-Leste, viewing the deal as a key opportunity to promote sustainable economic growth while fighting climate change.

The president’s office announced that Shanghai Treasure Carbon New Energy Environment Protection Tech Co., Ltd (STC) plans to invest tens of millions of dollars over the next decade on carbon credit initiatives across the country. According to a press conference after meeting with STC representatives, the company’s package aims to support Timor-Leste’s goals like reducing carbon emissions, sustainable development, economic diversification, and boosting international cooperation on climate change efforts.

However, Ramos-Horta emphasized that STC’s investment goes beyond just financial capital. The proposed package also includes funding for technical training programs to upskill local Timorese staff, creation of new jobs related to the carbon credit projects, donations of clean cookstoves to communities nationwide, and using a portion of the carbon credit proceeds to finance sustainable development projects.

For the president, the STC carbon credit partnership represents an opportunity to promote economic growth through sustainable means that limit emissions and environmental impact. “Timor-Leste aims to be a responsible developing country at the forefront of innovative environmental policies and green economic diversification,” an official statement read.

The deal provides a pathway for the young nation to realize inclusive development that improves livelihoods through skills transfer, jobs, and community initiatives – while still limiting carbon emissions.

Over the next few days, the STC delegation will hold meetings with relevant government ministries to finalize implementation details for the substantial, multifaceted carbon credit investment package that has the full endorsement of President Ramos-Horta’s administration.

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