Kagenal Incorporated Land Group (ILG) a group in the Central Inland Pomio (CIP) LLG in Pomio district of East New Britain will be receiving 52 per cent revenue of a project that is underway in their LLG.
The project is known as Reducing Emission Deforestation Degradation (REDD+) operating under a company, Night Incorporate, which is an American corporation that operates in the country in partnership with the LLG specialising in carbon trade credit.
CIP LLG has preserved 60 000 square kilometers of land for reforestation under this project.
The landowners, ENB provincial government, and Night Company signed an agreement last month and formalised the agreement for work to begin.
Chairman of Kagenal ILG Sebby Mahui said this is an initiative he has started in 2011, however, did not eventuate because there was no climate change authority that time, but after the authority was established they helped him and now this project will eventuate.
He said the carbon credit contract is between the Kagenal ILG, however, the contract will cover the CIP LLG so that all will work together to roll out the project.
“Now we called it the CIP REDD+ program because the whole LLG will be part of the program and we will be the rst in the district and province and we are happy that we will be part of something big,” said Mr Mahui.
He said Kagenal has customary lands in their LLG and would like to utilise their concession for an economic benet by utilizing their existing forests for economic benet through Verication Carbon Standard (VCS) or REDD+ to provide carbon credits that Kagenal ILG would like to participate in.
“Therefore it is agreed that Kagenal ILG will develop their project together under their terms and conditions where the group will have 52 percent of the net revenue from the sale of carbon trade,” he said.
Representative of the company, in-country CEO Esrom Toligur Jnr said apart from the shares, East New Britain will receive eight per cent, the climate change authority to receive seven per cent while the company will take 33 per cent shares.
He said the project is to help everyone and the main aim is to conserve the forests to mitigate climate change locally and around the world so that the future generation will benet.