Yesterday, the World Bank’s private sector arm, the International Financial Corporation launched a US$152 million bond aimed at supporting REDD and carbon trading. The deal demonstrates just about everything that’s wrong with REDD.
A few weeks ago, REDD-Monitor received an email offering 345 million carbon credits for sale. A company based in Malta called MED Investment Operations is offering carbon credits from a REDD project in Brazil and them for sale at US$6.80 each. This post, the third in a series of posts about this incredible offer, looks at the company supposedly running the REDD project: MidiaGeo.
Two weeks ago, REDD-Monitor received an email offering 345 million carbon credits for sale. The carbon credits were from a REDD project in Brazil and a company based in Malta called MED Investment Operations is offering them for sale at US$6.80 each. Last week, I wrote about the companies in Malta behind this incredible offer: MED Investment Operations and The Equivest Alliance.
Last week, REDD-Monitor received a message from Boniface Mburaburirwe asking whether I have any buyers for carbon credits. I suspect Mburaburirwe hasn’t read much on REDD-Monitor, particularly not the series of posts about scam artists selling carbon credits to unsuspecting members of the public as investments.
Michael Schmidlehner is a researcher, NGO founder and climate justice activist in Rio Branco, capital of the Brazilian state of Acre. He submitted this Guest Post about an academic paper looking at a REDD project established on the land of the “Acapú” indigenous people in Brazil.
According to NASA, the Amazon is drier at the start of this year’s dry season than any year since 2002. The reason is reduced rainfall during the wet season because of El Niño. The result could be intense fires in the Amazon later this year.
Yesterday, California’s Air Resources Board released a preliminary draft of proposed amendments to its Global Warming Solutions Act (AB 32) aimed at extending the cap and trade scheme beyond 2020. The big news for REDD watchers is that the ARB’s preliminary draft excludes making a decision on whether to allow REDD credits in California’s cap and trade scheme.
At a recent workshop in Sacramento, Environmental Defense Fund’s Steve Schwartzman was waving around copies of a letter in favour of California using REDD offsets in its cap and trade scheme. Following the letter was a list of NGO logos, including that of Greenpeace Brazil. But Greenpeace has consistently opposed REDD offsets in California. How did Greenpeace’s logo appear on a letter supporting REDD?