Before diving into the past two weeks of forest carbon news, we’d first like to thank those of you who responded to the call for participating in Ecosystem Marketplace’s State of the Forest Carbon Markets 2011 report. If you haven’t had a chance to fill out our survey, we’ve extended the deadline just for you until February 28th. Access the survey HERE.
Moving on to the news… VCS, soon to be the Verified Carbon Standard, issued its first REDD credits to Wildlife Works Carbon for a project in Kenya protecting over 500,000 acres of forest. At one fell swoop, this single project has outpaced the total volume of REDD credits to have emerged from any formal carbon standard to date… and there are many more projects lined up in the VCS pipeline. Stay tuned for the REDD tidal wave.
Down in Indonesia, the moratorium saga drags on, with a key component of the REDD deal signed last year with Norway--a halt on concessions for clearing forest land--still yet to be made legally binding. For nearly two months, President Yudhoyono has apparently been mulling over two competing versions of the moratorium decree which was expected to be announced in January.
Another major Norwegian REDD commitment, to fund Guyana’s forest conservation program, is also apparently hinging on a positive report from a single third-party verifier. What’s more, the deal is set to provide 9 percent of Guyana’s annual budget! Talk about high stakes!
Following an abrupt halt to emissions trading in Europe mid-January following a security breach and theft of credits beginning in Austria, trading platforms across the EU have now come back online although traders appear to be moving a bit more cautiously.
As always, keep reading below for more insights and highlights of the latest news in this, the latest edition of Ecosystem Marketplace’s Forest Carbon Newsletter.