In 2011, a Swiss company called World Markets AG bought five million “carbon benefit units”. They came from the April Salumei REDD project in Papua New Guinea. World Markets sold the “carbon benefit units” at a profit of over US$5 million.
In July 2017, a group of over 150 people who had been scammed into buying “carbon benefit units” got in touch with REDD-Monitor. Several London-based boiler room operations, including Industry RE, had sold them the “carbon benefit units”, supposedly as investments. Unfortunately they were worthless.
April Salumei is a REDD project in Papua New Guinea. Various companies, including Qantas, Eneco Energy Trade, and Norwegian supermarket chain Rema 1000, have bought carbon credits from the April Salumei REDD project. Should you so wish, you can buy carbon credits from the project on the USAID-funded website Stand for Trees.
A company called London Carbon Neutral Ltd and eight linked companies have been shut down in the High Court in London. The companies were shut down after “high pressure and intimidating sales people had targeted the elderly and vulnerable” to sell them carbon credits as investments.
In June 2011, Industry RE forward purchased one million REDD carbon credits from an Irish company called Celestial Green Ventures. On 11 September 2013, the High Court in London appointed Julie Palmer and Jason Greenhalgh of Begbies Traynor as joint liquidators of Industry RE, “on the application of the Secretary of State and following intervention from the Public Interest Unit”.
Papua New Guinea was one of the founders of the Coalition for Rainforest Nations that five years ago proposed “a novel economic model for reducing deforestation” at COP-11 in Montreal. But the country has seen a series of REDD related scandals and the problems, it seems, just won’t go away.
Two new Project Development Documents have recently been posted on the Climate, Community and Biodiversity Alliance (CCBA) website, relating to REDD-type projects in Papua New Guinea: Kamula Doso Improved Forest Management Carbon Project and April Salumei Sustainable Forest Management Project.
I’ve been writing about boiler rooms and investment scams for the last four years. I started in May 2012 with a post about a warning from the Financial Services Authority about the dangers of buying carbon credits as investments.