Last week was a groundbreaking week for Green Resources’ carbon business with the registration of its first CDM project, as well as signing a new sales agreement with The CarbonNeutral Company for the next issuance of carbon credits from its Uchindile and Mapanda Reforestation Project.
Green Resources’ Kachung Forest Project became the company’s first CDM project to be registered by the UNFCCC on the 27th June 2011. The project was only the 5th A/R CDM project to be registered in Africa and is the first registered large-scale CDM project in Uganda.
The project has the potential to sequester 494,000 tCO2e over its first 20 year crediting period. By 2012, 65,000 tCERs are expected to be issued and will be sold in a deal which is currently being finalised. In addition to CDM registration, the project has been validated to the Climate, Community and Biodiversity Standard (CCBS), which ensures that the project design will deliver co-benefits to both local communities and biodiversity.
Meanwhile, on the voluntary side of the carbon market, Green Resources signed a new exclusive purchase agreement with The CarbonNeutral Company for credits from the next verification of the Uchindile and Mapanda Reforestation Project - the first AFOLU VCS project in the world to be registered, and to receive issuance of VCS credits - demonstrating the increasing demand of high quality forestry credits. Following the successful delivery of 139,358 credits last year, the project is expected to deliver additional credits before the end of 2011 for the monitoring period of 2009-2011. The project is validated to CCBS and will also undergo verification to the standard this year to demonstrate the project’s co-benefits.
For more information contact:
Roselyne Mariki, Managing Director Green Resources, Tanzania (firstname.lastname@example.org)
Mads Asprem, CEO Green Resources AS (email@example.com)
Full Article: First CDM project registered _PRESS RELEASE_110705.pdf