Developer of carbon project to equally distribute shares

THE country’s first carbon project developer will prioritise equal distribution of shares to key stakeholders from the development of the carbon project, an official says.
New Ireland Holdings Ltd chief executive officer Esrom ToLigur said the equal distribution of shares was crucial if the project was to be considered a success.
He said since the beginning of the project New Ireland Hardwood Timber – under its subsidiary company, New Ireland Holdings, had the intention to do sustainable logging but the involvement of Interpine Group, a New Zealand timber consultancy, realised the area’s potential in carbon trading.
“Our initial start-up capital budget for the sustainable timber harvest project was K224 million which we raised it ourselves, the developer and the landowners,” ToLigur said.
“We sacrifice on that and we decide to do the carbon trade project because we saw it more as a win-win situation for all stakeholders in Papua New Guinea from the national government through CCDA (Climate Change and Development Authority), Cepa (Conservation and Environment Protection Authority), the developer, the provincial government and the resource owners.
He said with the successful completion of required documents by the Government through the CCDA they were now looking at making an equitable distribution of shares where 56 per cent would go to the resource owners, 29 per cent to the developer, eight per cent to the provincial government and seven per cent to the CCDA.
ToLigur said resource owners deserved more to use in developing their district.