In the Media
Carbon Conservation partly acquired by mining company
May 04, 2011
East Asia Minerals Corporation, an Asian mining company, has acquired a 50% stake in Carbon Conservation, an Australian company that developed one of the world’s first forest conservation projects funded by carbon credits, for $500,000, according to a press release from the mining company.
Carbon Conservation made a name for itself in 2007 when its carbon conservation project in Aceh’s Ulu Masen in Aceh Province of Sumatra became the first to win validation under the Climate Community and Biodiversity Alliance Standards for its reduced emissions from deforestation and degradation (REDD) program.
But Carbon Conservation has since endured criticism over the design and implementation of the project while suffering from adverse market conditions — the market for forest carbon offsets has been slower than expected to materialize. The company courted controversy last year when it signed an agreement with Asia Pulp & Paper, which environmentalists say has destroyed vast tracts of forest in Sumatra, putting endangered wildlife at risk and exacerbating social conflict.
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Keywords: APP, Asia, Carbon Conservation, mining, REDD