Carbon trading is new to the country and NIHT is pioneering the project in the Konoagil area, New Ireland province.
CCDA Acting CEO 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 the support of partners. Voluntary carbon markets are operational and have attracted entrepreneurs to venture into REDD + projects around the world.
“PNG attracted one of these developers, New Ireland Hardwood Timbers, who registered the Topaiyo REDD ++ project,” Lakain said.
He said the Carbon Trading Project is a learning project on how to implement REDD + on the ground and benefits landowners.
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“CCDA is working to ensure a strong policy and regulatory framework is in place and is learning from this project about who to get consent, what types of financial instruments work, and what types of livelihood activities are good.” .
NHT’s national representative, Esrom Toligur, said the carbon trading project is the best defense against threats from climate change and also preserves and conserves forests with economic spinoffs.
“Since the creation of the project in 2017, we have already distributed the part of the partnership to more than 10,000 people in Konoagil. ”
Mr Toligur said more than K 6 million has been distributed to the landowners of the project.
The government, through CCDA, holds a 7 percent stake in the project, the provincial government of New Ireland 8 percent, landowners 56 percent while the company owns a 29 percent stake.