PNG's New Ireland Government Signs Carbon Trade Agreement

The New Ireland Government signed a Memorandum of Agreement on Carbon trading with New Ireland Hardwood Timbers ( NIHT) INC in Kavieng  on the 20th of October. 

The Agreement paves way for NIHT INC to operate legally within New Ireland Province and to ensure all parties including the Incorporated Land Groups, Provincial Government and the Climate Change and Development Authority ( CCDA ) benefit from the net revenue from the sale of Carbon credits. 

CEO of NIHT Stephen Strauss when briefing the Provincial Executive Council reaffirmed the company’s responsibility to live up to the terms of the contract. “NIHT intends to have carbon credits issued every year and sell those credits at the best possible price for all stakeholders and partners.”

However he clarified that in the event there are few carbon credits issued or sold, or the price of carbon credits drops to a minimal level, the distribution will be adjusted accordingly. “ 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.”

The New Ireland Government will be using its component of the funds to support its Ward level grant programs. “ The Climate Change topic has been raised during numerous World meetings including the recent United Nations Conference in New York and we must now accept that our World is interconnected and continues to change and all of us must take responsibility for our actions. We owe it to our future generations to look after the health of our planet. We hope this MOA paves the way for more sustainable and clean energy driven projects throughout New Ireland and Papua New Guinea,” said New Ireland Governor Sir Julius Chan.

NIHT also officially opened its new office in Kavieng on the 21st of October.

Carbon Trading is a new concept for Papua New Guinea and New Ireland is pioneering the green business. A case study on the Konoagil Carbon trading experience will be presented by the Minister for Environment, Conservation and Climate Change Wera Mori during this years COP 26 UN Climate Change conference hosted by the UK in partnership with Italy, taking place from 31 October to 12 November  in the Scottish Event Campus (SEC) in Glasgow.

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