Local firm joins carbon project


A LOCAL firm will develop the country’s first carbon projects in New Ireland, according to the Climate Change and Development Authority (CCDA).
New Ireland Hardwood Timber (NIHT), under its subsidiary company, New Ireland Holdings, signed a memorandum of agreement with CCDA in Port Moresby yesterday to facilitate the initiative.
The company will be the first local developer to get approval from landowners in Konoagil local level government area of the Namatanai district to have a carbon credit project in the area. The development of the project is the fulfilment of a promise to the Konoagil locals by NIHT and the New Ireland government five years ago.
“We expect that the project will create new job opportunities for the locals and Papua New Guineans,” NIHT chief executive ToLigur said.
“We are grateful to have this partnership as this will help us move forward and develop carbon credit projects in New Ireland and other parts of the country as well.”
He said the company currently had 30 employees and the number was expected to be doubled by the end of this year with the aim of providing economic benefits to landowners who would receive a 50 per cent share from the projects.
CCDA acting managing director William Lakain said such arrangements would allow for developments in carbon credit projects.
“PNG has put in a lot of effort to find finance and incentives to conserve forest and the natural ecosystems. Over 85 per cent of the population is rural-based and rely on subsistence agriculture while 97 per cent of the land is customary where we find the challenge to progress with development,” Lakain said.