In the Media
REDD insurance project in Cambodia wins sustainable forestry award
July 19, 2012
The first political risk insurance contract for a Reduced Emissions from Deforestation and Degradation (REDD) project, provided by the Overseas Private Investment Corporation (OPIC) to Terra Global Capital for a project in Cambodia, has been awarded the Sustainable Forestry Transaction of the Year by Environmental Finance magazine.
The award recognizes “excellence in the application of capital markets know-how to addressing the world’s environmental problems.” The magazine’s criteria rewarded deals that were “novel, offered the potential for replication, and facilitated the solution of environmental problems using finance and/or market mechanisms.” Environmental Finance is the leading global publication covering the financial impact of environmental issues on the business community.
The OPIC insurance project, announced in November 2011, will help protect 64,318 hectares of forest in Cambodia and sequester approximately 8.7 million metric tons of CO2e. OPIC is providing $900,000 in political risk insurance to Terra Global Capital, a U.S-based leading land-use carbon development and investment company that has invested in the project.
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Keywords: Asia, Cambodia, financing, insurance, OPIC, political risk, REDD