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$275 million, carbon credit forest boost
Hon David Parker
Minister Responsible for Climate Change
Issues
5 June 2007
$275 million, 100,000 hectare carbon credit forest boost
The Labour led government's world leading policy of devolving carbon credits to foresters has spurred international financiers to put up $275 million and target up to 100,000 hectares of new permanent forests says Minister Responsible for Climate Change issues, David Parker.
Credit Suisse and Sustainable Forest Management recently announced a US$200 million (NZ$275 million) fund to establish permanent forests in New Zealand to earn carbon credits. This is possible because of the government's Permanent Forest Sinks Initiative through which carbon credits are devolved.
"This ringing endorsement for this government's policy of devolving credits for the establishment of permanent forest sinks is good news for the environment and for our economy." says David Parker.
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