Greentech Lead Africa: ERA Carbon Offsets announced its
joint venture with Wildlife Works (WW) to complete the 299,645 hectare Mai
Ndombe REDD (Reduced Emissions from Deforestation and Degradation) project in
the Democratic Republic of the Congo.
The joint venture will enable both companies to cooperate
on project finance, technical development, implementation, and eventual carbon
sales from offsets developed within the project area.
This is the first joint venture undertaken by either
company on a REDD project. The project will start in 2012 and is expected to
develop significant volumes of carbon offsets in the range of 1.5 to 3.0
million tons per year.
Through the development and monetization of high quality
carbon offsets, the Mai Ndombe project will deliver ecosystem, social,
economic, biodiversity and climatic benefits for communities within and beyond
the project area.
“When combined with ERA’s expertise in carbon finance,
forest conservation and ecosystem restoration, we now have a pre-eminent
international team able to complete the Mai Ndombe project and ensure that it
delivers the economic, social and climate benefits desired over the next 25
years. This Joint Venture Agreement ensures that the financing and expertise needed
to complete the project is now in place,” said Duncan Manson, CEO of ERA.
The project will be developed to the Verified Carbon
Standard and the Climate, Community and Biodiversity Alliance Standards to
recognize the high social and ecological value of the project.
The project also aims to construct schools which will
serve the families of the local communities.
“We are excited to be able to partner with ERA in
this important REDD project within the DRC whereby 299,645 hectares of the
vulnerable Congo Basin Rainforest will be protected from deforestation. The Mai
Ndombe project will deliver important social, economic, biodiversity and
climatic benefits for communities within and beyond the project area,” said
Mike Korchinsky, founder and CEO of Wildlife Works.
Recently, ERA achieved a new sales milestone, having sold
more than 2 million tons of forest based carbon offsets to customers and
clients around the world.