REDD myth no. 4: REDD will be quick and cheap

In December 2007, Norway’s then-prime minister Jens Stoltenberg launched Norway’s International Climate and Forest Initiative (NICFI). Stoltenberg announced that Norway would be handing out more than US$500 million a year “to prevent deforestation in developing countries”. Stoltenberg was convinced that stopping deforestation would be quick and cheap.

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London High Court orders Capital Alternatives to repay £16.9 million. New York Southern District Court orders Bar Works and Bitcoin Store to pay US$83.35 million

Capital Alternatives Limited was part of a network of scam companies that offered “investments” to the general public including a rice farm in Sierra Leone, and carbon credits from projects in Sierra Leone, Brazil, and Australia. Last week, the High Court in London found that these “investments” were illegal collective investment schemes.

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Environmental organisations call on Democratic Republic of Congo not to open up its rainforest to loggers

Last week, José Ilanga the Director General in charge of forests at the Ministry of Environment and Sustainable Development in the Democratic Republic of Congo, announced that plans were underway to lift the country’s 16-year-old moratorium on new logging concessions. Today, more than 50 environmental and human rights organisations have written to key donor governments and agencies, including Norway, UK, France, USA, and the World Bank, calling on them to suspend funding immediately to the DRC government for forestry and forest conservation.

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The Kariba REDD project in Zimbabwe: From carbon credits to EARTH tokens

The Kariba REDD+ Project covers an area of 784,987 hectares in four districts of northwestern Zimbabwe. The project started in July 2011, and aims to generate almost 52 million carbon credits from reduced deforestation over its 30-year project life. The project is certified under the VCS and Climate Community and Biodiversity Standard systems.

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Does the April Salumei REDD project still exist? More questions for Stephen Hooper about his project in Papua New Guinea. And a reminder about the 14 still unanswered questions that REDD-Monitor asked two months ago

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.

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Prince Charles’ offshore investment in Sustainable Forestry Management Ltd: A cautionary tale featuring conflicts of interest, a web of offshore companies, carbon credits, transfer pricing, and tax avoidance galore

Sustainable Forestry Management Ltd was the name of a company incorporated in the Bahamas in October 1999. The company set up forestry projects and traded carbon credits. Its directors included Eric Bettelheim (Executive Chairman and General Counsel), Alan Bernstein (Chief Executive Officer), and Hugh van Cutsem (Director).

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Some questions for Stephen Hooper about the “carbon benefit units” sold from his April Salumei REDD project in Papua New Guinea

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.

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Thorn Medical: “The company is not in a position to meet its financial obligations and therefore must be wound up”

Thorn Medical has written to shareholders to tell them that the company is insolvent and will be placed in voluntary liquidation.

Thorn Medical is a healthcare company, founded in July 2014 by Jack Kaye. In 2015, the company announced that it was planning a £350 million listing on the London Stock Exchange. A listing on the USA’s Nasdaq was also planned. In early 2016, the company appointed Sir Eric Peacock, Sir John Lucas-Tooth, and Lord Beaverbrook to its board.

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Koenig Rowe Campbell Alliance: More red flags than a golf course

A company called Koenig Rowe Campbell Alliance is cold calling people in several countries, claiming to be a wealth advisory firm established in 1978. KRC Alliance takes clients’ money and claims to invest it. The investment will need to be increased, for whatever made up reason, to reach a certain number of shares. Then, in order to receive a payout, clients have to pay a security bond. Then another. Then another.

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