NZ carbon forest purchase celebratedTwo Government ministers visited Marlborough to celebrate the purchase of a forest to be used as a carbon sink by NZ Carbon Farming. The carbon credits to be generated by a 400-hectare Wairau Valley forest managed by PF Olsen have already been sold to Fonterra to offset the dairy company's emissions.The forest is one of several permanent forests the group is developing throughout New Zealand in partnership with forest owners, including farmers, local bodies and iwi. NZ Carbon Farming is privately owned and operated by a group of New Zealand business people who saw opportunities around the introduction of the emissions trading scheme. The wholly New Zealand owned, operated and financed company was specifically set up to seize the opportunities created by the carbon trading market. The group currently leases more than 15,000 hectares of post-1989 registered forest, managing the carbon credits on behalf of 42 forest owners. The company owns a further 3000 hectares of Kyoto-compliant forest that it is in the process of converting to "carbon sinks". This equates to 6.1 per cent of New Zealand's total post-1989 registered forest and 7.4 per cent of the total units issued to post-1989 forest owners, making it the largest single supplier of post-1989 sourced units in the New Zealand market place. The company has also purchased 9000 hectares of marginal farmland, which is earmarked for planting new carbon forest. Source: Marlborough Express |
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