Papua New Guinea’s 9 million mt of carbon reductions will become the first nationally issued REDD+ forestry carbon credits to go on sale to corporations and consumers.
This comes after a decade of international negotiation to establish Reducing Emissions from Deforestation and Degradation and the role of conservation, sustainable management of forests and enhancement of forest carbon stocks in developing countries (REDD+) as a global conservation mechanism under the Paris Agreement on climate change – which was achieved in 2015.
The REDD+ mechanism, the brainchild of late Grand Chief
Sir Michael Somare – founding father of Papua New Guinea, was started by Papua New Guinea and the Coalition for Rainforest Nations in 2005 under the UN Framework Convention on Climate Change (UNFCCC). The government of Papua New Guinea intends to set up a national biodiversity and climate change trust fund to manage and distribute the wealth accumulated from the revenues of nationally issued REDD+ forest carbon credits and other grants and donations. This will be announced in PNG Parliament in April.
A signing ceremony of the Memorandum of Understanding (MOU) took place on Wednesday March 17 in Port Moresby between the government of Papua New Guinea and REDD+ to permit the sale of the forest carbon credits. Wera Mori, Minister of the Environment, Conservation & Climate Change and Kevin Conrad, Chief Executive of REDD+ signed the agreement.
Papua New Guinea’s nationally issued REDD+ forestry carbon credits were made available for purchase on the REDD+ registry – provided by IHS Markit and trading platform by CBL .
REDD+ is currently managed by not-for-profit, Coalition for Rainforest Nations.