Cambodia Signs Avoided Deforestation Carbon Agreements for Voluntary Carbon Standard Project

June 24, 2009

Project moves Cambodia into international climate change arena

PHNOM PENH, Cambodia, June 24 /PRNewswire-USNewswire/ — Cambodia’s Forestry Administration, in partnership with Community Forestry International, Pact and Terra Global Capital, signed agreements with nine community forestry groups to develop and market carbon credits for an avoided deforestation project in the Oddar Meanchey province. The carbon agreement was also finalized with the government, marking a critical step in the development of Cambodia’sfirst REDD project for registration under the Voluntary Carbon Standard (VCS). These agreements mark the culmination of years of effort to secure legal forest tenure for communities while at the same time cementing an agreement between Government and communities to collaborate in conserving forest carbon over the next several decades.

The avoided deforestation methodology, developed by Terra Global Capital, is nearing the end of the first of two 3rd party validations that are required by the VCS. The project is estimated to generate 8.5 million tons of CO2 over 30 years. The new methodology, which was submitted under the Reduced Emissions from Deforestation (REDD) category of the VCS, integrates participatory field measurements with sophisticated remote sensing image processing to increase accuracy and minimize the costs of the on-going measurement of the carbon credits.

This project is being brought to market with the collaboration work and support of all project participants. The Royal Government of Cambodia has created an enabling legal and political environment for the expansion of community forestry systems. Under the enabling leadership of the Forestry Administration and variety of partners including: participating communities, NGOs, and Buddhist monks the project design and technical carbon measurement team are working to ensure this project will provide better livelihoods for local communities and deliver climate change benefits through reduced CO2 emissions.

Link to the full press release: http://www.terraglobalcapital.com/News.htm

Find out more about:

Pact: www.pactworld.org

Terra Global Capital: www.terraglobalcapital.com

    For more information, contact:
    Ms. Leslie Durschinger
    Terra Global Capital
    Tel: (1) 415 215 5941


Source: newswire

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