Climate Change and Development Authority signed a Memorandum of Agreement with the New Ireland Hardware Timbers (NIHT) Inc. today to strengthen working arrangements between the two entities in carbon trading.
The carbon trading business is new in the country and NIHT is pioneering the project in the Konoagil area of New Ireland Province.
CCDA Acting Managing Director, William Lakain said the National Government is supporting NIHT Inc. in its Carbon Trading Project.
“The National Government is implementing the National REDD+ strategy with support of partners. Voluntary carbon markets are in operation and have attracted business developers to venture into REDD+ projects around the world.
“PNG has attracted one such developer, the New Ireland Hardwood Timbers who have registered the Topaiyo REDD++ project,” Mr Lakain said.
He said the carbon trade project is a learning project on how to implement REDD+ on the ground and benefits landowners.
“CCDA is working to ensure there is a stringent policy and regulatory framework in place and is learning from this project on who to get consent, what kind of financial instruments work and the kinds of livelihoods activities are good.”
NHT Country Representative, Esrom Toligur, said the carbon trade project is the best defense against threats of climate change and is also preserving and conserving the forests with economic returns.
“Since the establishment of the project in 2017, we have already distributed the partnership share to over 10,000 people from Konoagil.”
Mr Toligur said over K6 million has been distributed to the landowners from the project.
The Government through CCDA has a 7 percent share in the project, New Ireland Provincial Government 8 percent, landowners 56 percent while the company has a share of 29 percent.