Carbon Trading

This includes Conservation and Environment Protection Authority (CEPA), Climate Change Development Authority (CCDA) and the private sector in the advancement of carbon trading and issuance of associated permitting. 

“This progress was made while ensuring the local manufacturing industry in the carbon constrained world evolving, factors PNG’s own industries have a platform to be competitive. 

Sinton Spence, Mayur Renewables Director said while Mayur goes about ‘nation building’ projects in PNG, the Government has been aware that internationally recognised and accepted carbon credits will feature in offsetting PNG’s manufacturing and building materials businesses emissions (so as to stay competitive domestically and internationally).

Mr Spence made these remarks when supporting outgoing Minister for Forestry, Walter Schnaubelt on the progress of carbon trading in the country.

The PNGFA said they have given consent prior to any such permit issuance and is a start of a process where these carbon projects will require ongoing consultations and consent at the village level and internationally recognised accreditation.

One of the developers PNGFA has been liaising with is Mayur Renewables and with its International Carbon development network are progressing a pilot program with Forestry whilst following CCDA regulation that seeks to be accredited by VERRA as a Reduce Emissions from Deforestation and forest Degradation (REDD+) project. 

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.

Mr Gates met with members of the Coalition for Rainforest Nations and Ernst & Young Global Limited at the PNG Pavilion before stopping by to meet and greet the PNG Delegation.
Apart from other countries, he chose only one place to stop by and that was the PNG Pavilion. 

Mr Gates flew back to the US immediately after his brief ‘meet and greet’ with the PNG delegation. 

Prime Minister’s Special Envoy to COP26, Wera Mori, said the meeting with Mr Gates is a significant milestone as the look forward to Carbon Trading.

The Agreement paves way for NIHT INC to operate legally within New Ireland Province and to ensure all parties including the Incorporated Land Groups, Provincial Government and the Climate Change and Development Authority (CCDA) benefit from the net revenue from the sale of Carbon credits. 

CEO of NIHT, Stephen Strauss when briefing the Provincial Executive Council reaffirmed the company’s responsibility to live up to the terms of the contract. 

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 15^th 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 is trying to preserve its dense rainforest to tap into the lucrative international carbon trading market.

Dr Cossey Yosi, the man engaged by Vanimo Green District Development Authority to make the dream become reality, said a lot of work needs to be carried out before the district enters the carbon trading market.

He told Loop PNG that an estimated 500,000 hectares will be covered in the project.         

“Forest Carbon Inventory data will have to be done first before independent (firms) verifies the inventory,” Dr Yosi said.