November 9, 2007

Malinau Regency and Global Eco-Rescue sign MoU on Voluntary Carbon Market

The Jakarta Post reported today on the agreement signed between the Malinau Regency and Global Eco-Rescue, Ltd.: "Meanwhile, the Malinau regency administration in East Kalimantan and London-based PT Global Eco Rescue Indonesia signed a memorandum of understanding to protect forests through a voluntary carbon market.

The Malinau administration offered 325,041 hectares to the firm for a two-year period. "We will receive 1 euro per year for each hectare but we have not yet calculated the total carbon reduction as we are still waiting for formulation from the Bali conference," Malinau Regent Marthin Billa told reporters Thursday. Forestry Minister Malam Sambat Kaban attended the signing ceremony. Marthin said that his administration would offer more forest if the pilot project was successful. "We still have about 2 million hectares of virgin forest that could be developed for the project," he said."

This, and other voluntary carbon market programmes will be highlighted during the one day Green Renaissance event, taking place in Bali on December 9.