Carbon credit firm collapsesFriday 22 Jul 2011 The Age reported this week that a company specialising in forestry carbon credit projects in Asia, the Pacific Islands and Australia has folded. The Adelaide-based company, First Growth Funds collapsed on Monday after failing to secure a deal for additional funds. It was placed into administration by its major lender, Noble Investments Superannuation Fund.First Growth had huge ambitions for its business – predicting in 2009 that it would generate earnings before interest of AU$3.9 million by the end of 2010 from a series of carbon abatement projects across the region. Just last month it announced that First Growth Forests – a joint venture with Greencollar Group – had commenced the world’s first program to develop forestry carbon projects for the whole of a province in West Papua in Indonesia. It said at the time that 16 pilot projects were under development to sell credits into the global voluntary carbon markets. Through its wholly-owned subsidiary, First Growth Ventures, the company had a deal to provide project financing and development assistance to project developers operating in Indonesia, Asia and the South Pacific region. The immediate focus of the project was to develop forestry carbon credits from preserving rainforests in South East Asia, creating credits each year of the project's life. |
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