A company called Vision 2050 Forestry claims to be the “leading forestry company in West Africa”. According to the company, between September 2008 and February 2010 more than 300,000 people signed up to Vision 2050 Forestry’s Carbon Credit Project. The company claims that 150 million trees were planted and “five million people are expected to benefit from the project within the five years period as direct beneficiaries”.
EcoPlanet Bamboo runs bamboo plantations in Nicaragua, South Africa and Ghana. A UK company called EcoPlanet Bamboo (UK) Ltd sold “bamboo bonds” with a promise of “a 500% return on investment over a 15 year period” on an investment of US$50,000. But in December 2015, EcoPlanet Bamboo wrote to bondholders to tell them that their investment was not doing particularly well.
A new report from FERN and the Forest Peoples Programme concludes that the safeguards put in place by the World Bank’s Forest Carbon Partnership (FCPF) are inadequate. The report looks at eight Readiness Preparation Proposals (R-PPs) submitted to the FCPF and finds that FCPF safeguards are not clear and do not conform to the World Bank’s own safeguards.