Jirongo firm in Uganda carbon credit deal with Chinese company

Chinese climate-tech company LuoKung Technology has signed a deal with Uganda to deploy a Digital Measuring, Reporting, and Verification (DMRV) platform that will measure Uganda's carbon footprint.

Ugandan President Yoweri Museveni presided over the signing ceremony on Saturday where a Memorandum of Understanding (MOU) was inked between the Ugandan government and Luokong Technology Corporation, alongside Nairobi-based Shiftings Limited.

Shiftings Limited, whose Chief Executive Officer is Kenyan businessman and former minister Cyrus Jirongo, represents Luokung’s activities in Africa.

"We're thrilled to introduce advanced tools to Africa's carbon market, ensuring standardized, digitally-driven carbon accounting for nature-based projects at a fraction of traditional costs and time," said Jirongo.

LuoKung will leverage satellite imagery, remote sensing, and machine learning technologies to provide carbon neutrality data services and natural resources asset management to assess and monitor Uganda's carbon reserves.

Headquartered in Beijing, China, the company was founded in 2009 and is publicly traded on the Nasdaq Stock Market.

The MOU underscores a shared vision focused on quantifying Uganda's total carbon assets; establishing African standards for carbon quantification and accounting and launching a carbon asset exchange—a trading platform in Kampala—to facilitate carbon asset trading among African nations and asset owners.