Former cabinet minister and YK-92 wheeler dealer Cyrus Jirongo has bounced back to the business world after years of financial troubles after his company landed a multimillion-dollar carbon credits deal.
Shiftings Limited whose Chief Executive Officer is Jirongo has been appointed as a representative for Chinese climate company LuoKung Technology which has signed a deal with Uganda to deploy a Digital Measuring, Reporting, and Verification (DMRV) platform that will measure Uganda’s carbon footprint.
On Saturday, Ugandan President Yoweri Museveni officiated the signing ceremony of a Memorandum of Understanding (MOU) between the Ugandan government and Luokong Technology Corporation, in collaboration with Nairobi-based Shiftings Limited.
“We are excited to introduce cutting-edge tools to Africa’s carbon market, ensuring standardized, digitally-driven carbon accounting for nature-based projects at a fraction of traditional costs and time,” stated Jirongo.
LuoKung will utilize satellite imagery, remote sensing, and machine learning technologies to offer carbon neutrality data services and natural resources asset management, enabling the assessment and monitoring of Uganda’s carbon reserves.
Headquartered in Beijing, China, the company, founded in 2009, is publicly traded on the Nasdaq Stock Market.
The Memorandum of Understanding (MOU) emphasizes a shared vision that focuses 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.
