TRIPOLI, Libya, January 14, 2024 – In a groundbreaking announcement made during the ongoing Energy Capital & Power’s Libya Energy & Economic Forum in Tripoli, Oilinvest has unveiled a transformative collaboration with the Libyan Public Services Company (LPSC). The two entities are set to embark on an ambitious forestation initiative that aims to plant one million trees, including Eucalyptus and pines, in the heart of Tripoli, Libya.
The project is slated to unfold across 1,450 hectares of land owned by LPSC within the capital city, home to three million residents. This strategic alliance is geared towards generating carbon credits, aligning with Oilinvest’s pledge to climate change mitigation and counteracting the detrimental impacts of deforestation and desertification.
Oilinvest, headquartered in The Hague, envisions transforming into a net-zero emissions energy company, adhering to the stringent guidelines of the Paris Accord, with the goal of limiting temperature increases to below 1.5°C by 2050. Boasting its own refinery and expansive storage, blending, and loading facilities, the Oilinvest Group operates over 2,400 service stations and annually handles more than 10 million tons of fuel products across five European territories.
David Pezzulli, Director of Strategy for the Oilinvest Group, expressed his enthusiasm for the collaboration, emphasizing the company’s unwavering commitment to sustainable practices and environmental responsibility. Pezzulli stated, “Our collaboration with the LPSC underscores our commitment to minimizing our carbon footprint through modern technologies and innovative solutions. Investing in nature-based projects captures remaining emissions and provides Carbon Credits in the process.”
Mohamed Ismael, Head of LPSC, warmly welcomed Oilinvest’s initiative, highlighting the project’s alignment with the National Reforestation Campaign under the auspices of Prime Minister Abdulhamid Dbeibeh. Ismael emphasized the urgent need to address environmental issues, stating, “Tree cutting, neglecting their cultivation, and urban development are significant contributors to the scarcity of rainfall and desertification. This project will play a decisive role in confronting these challenges and restoring a vibrant, life-sustaining ecosystem.”
The forestation project is scheduled to commence in Q1 2024, initially covering 450 hectares with the implementation of an irrigation system. The initiative will then progress in stages, ultimately spanning the remaining 1,000 hectares. Upon completion, the project is expected to see over one million trees absorbing more than 10 million kilograms of CO2 annually, marking a significant stride in combating climate change and fostering environmental sustainability.
