Deal a pathway to green economy: Sir J

THE New Ireland government has signed a memorandum of agreement (MoA) on carbon trading with a company as it looks to participate in the green economy.
Governor Sir Julius Chan said the partnership would allow New Ireland Hardwood Timbers (NIHT) Inc in Kavieng to operate in the province and ensure all parties including incorporated land groups, provincial government and state agency, the Climate Change and Development Authority, benefited from the sale of carbon credits.
NIHT chief executive officer Stephen Strauss said the company planned to have carbon credits issued every year and sell those credits at the best possible price for all stakeholders and partners.
He clarified that the distribution would be adjusted accordingly if there were few carbon credits issued or sold, or the price of carbon credits was low.
“The sale and timing of the sales will be based on market conditions and in rare cases holding the credits for a better market will be determined by NIHT,” he said.
Sir Julius said his government would be using its component of the funds to support its ward level grant programmes.