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15 September 2008

Greenair Receives Bids For NZ Forest Carbon Credits Following ETS

Carbon credit leader GreenAir Ltd today congratulated the New Zealand Government on the introduction of the Emissions Trading Scheme (ETS), saying it has established the high quality and credibility of New Zealand forestry carbon credits with international buyers and reflects the growing global focus on the role of forestry in combating climate change.

GreenAir's Chairman and Executive Director Mr Himanshu Dua said the inclusion of forestry in the ETS is a world-first that firmly establishes New Zealand's credibility in the global carbon market.

"Forestry plays a critical role in managing not only New Zealand's but the world's carbon footprint and the ETS provides a strong incentive for forest owners to maintain and plant new forest.

"New Zealand forest owners will now be able to access the benefits of the international carbon market and generate additional revenue through sustainable forest management, says Mr Dua.

GreenAir is currently briefing its registered forest owners on offers from international buyers for 2008 and 2009 Assigned Amount Units (AAUs) starting at approximately €12.

AAUs are awarded under the Government's Kyoto compliant Permanent Forest Sink Initiative and can be converted from the New Zealand Units (NZUs) that will be issued for forestry projects under the ETS (NZUs can only be used domestically).

Forest owners who move quickly will be able to maximise their potential revenue by selling Assigned Amount Units (AAUs) internationally, before any potential restrictions under the Commitment Period Reserve take effect.*

The company has a registered client base of forest owners in New Zealand representing 200,000 ha of forestry and has developed a rigorous process to assist forest owners to rapidly commercialise and sell their carbon credits.

"GreenAir will work with forest owners to ensure their projects are established in line with the new legislation and can provide the necessary funding and technical expertise to make their projects a reality, said Mr Dua.

GreenAir is also finalising the sale of a parcel of more than 1.5 million 2006 and 2007 Verified Emission Reductions (VERs) from NZ forest projects, which it has registered on the TZ1 carbon registry http://www.tz1market.com/registrypublic.php

GreenAir has other forestry projects in South America, South-East Asia and the Pacific and is currently developing 18 Kyoto Clean Development Mechanism (CDM) projects worldwide. These projects represent forecast carbon credits in excess of 5 million tonnes of CO2e p.a. from 2009 through to 2015.

The company is pursuing an international pipeline of a further 30 CDM projects.

GreenAir is involved in every aspect of the carbon credit value chain, providing initial funding and expertise to commercialise projects, and brokering services. The company has local agents based in New Zealand.

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