District to benefit from carbon project


PEOPLE from the Konoagil local level government in Namatanai district, New Ireland, will receive benefits from the first country’s carbon project following signing of an agreement between the Climate Change and Development Authority (CCDA) and New Ireland Holdings, an official says.
Director of the New Ireland Environment and Climate Change office Gideon Bogosia said the people of Konoagil as well as the rest of the province would benefit from the carbon project as a result of their five-year relationship with New Ireland Hardwood Timbers (NIHT) as the local developer.
“The relationship started five years ago with NIHT and we formalised it last year (Oct 20) with the MOA signing.
“To show the continued support to the project this signing today marks an important milestone for the project in New Ireland.
“There is a level of uncertainty that is prevailing over the subject of carbon crediting and carbon offset projects so this event today reinforces the projects proponents,” Bogosia said.
He said NIHT had established a framework for the project which had gained the confidence of the New Ireland government and they had backed the work that NIHT had been doing with collaboration from the Climate Change and Development Authority (CCDA) since the inception of the carbon project.
Bogosia said the provincial government was looking at strengthening the relationship with CCDA and NIHT for future development in the province.
The benefits sharing from the carbon project will see the provincial government get eight per cent from revenue generated followed by CCDA with seven per cent, NIHT (developer) 29 per cent and the landowners will get 56 per cent.