NIP Pioneers Carbon Trading

The Carbon Trade initiative has already reached Papua New Guinea with New Ireland’s Konoagil LLG the first in the country to pilot Carbon trading.

Spearheading the project is company NIHT Topaiyo in partnership with REDD+. New Ireland through the Konoagil LLG has put PNG on the world map by becoming the 15th Country out of 4,500 projects worldwide to start paying out carbon credits.

CEO of NI Holdings Essrom Toligur gave an update of the project during the opening of the Todave Council Chamber at Silur, Konoagil LLG on August 25.

“It’s taken us six years to get to where we are today. In addition, this has been made possible through the endorsement of our Chiefs and people of Konoagil. This is about preserving our forests and resources. We don’t have to destroy our forests to make money anymore,” said Toligur.

Managing Director Stephen Straus said, “We want to be a member of the community here and preserve your resources, because you preserving your resources helps the entire world.”

Former President of the Konoagil LLG and current Ward 3 Member James Pandi confirmed that the registered incorporated land groups have already received initial payments.

NIHT acts as an intermediary between carbon credit buyers and owners of the land on which the forests sit on. They negotiate prices according to the amount of carbon credits found in the area in line with how much carbon the carbon producers will be emitting into the atmosphere.

So far, 258,000 carbon credits have been sold to buyers in industrialized nations.

NIHT has held consultations with landowners and during Monday’s Provincial Executive Council meeting updated the New Ireland Government expressing its intent in the province and like other impact projects relayed that the Provincial Government be part of the Benefit Sharing.

The Ministry of Environment and Conservation and Climate Change endorsed the NIHT Topaiyo REDD+ Project.

In a letter dated 12th April 2021, the Minister Wera Mori wrote, “I am pleased to provide my endorsement for this project if the ILGs choose to do so. We think the way forward is to piggy back on your project.”

He ordered the department to provide all necessary support and in return asked NIHT to provide data that maybe useful for the COP 26 Climate Summit in Glasgow, November 2021.

Carbon Trading has come about due to industrialized nations emitting too much carbon dioxide into the atmosphere resulting in Global warming, causing temperatures to rise, and melting ice glaciers and sea levels to rise.

Press Release