Carbon trade policy next on agenda

By MATTHEW VARI

Sunday, August 17, 2014 (Sunday Chronicle, PNG)

WITH the preservation of forests now fast becoming an income generation avenue for countries in the midst of today’s climate change phenomenon- the country is set to develop a policy framework to monitor and guide the selling of carbon credits.

The approval and subsequent passing of the new National Climate Compatible Development Management Policy in November now paves the way for the development of a policy, which the Executive Director of the Office of Climate Change and Development (OCCD) Varigini Badira said was important to enable benefits of carbon trade reaches those who deserve it the most.

“A carbon trade policy will set the foundation in which our people will be able to benefit from the initiatives that are globally being established right now,” Badira said.

“The policy (National Climate Compatible Development Management Policy) sets the overarching foundation for a carbon trade policy to be developed which will look at carbon rights, carbon market, extension services, and quality control.”

“We are currently working on a carbon trade policy that will help us look after our environment and forests on how we can regulate atmospheric environment pollutions of the dangerous greenhouse gases.”

“Out team is now working on a policy submission to set up the guideline, processes in which we can acquire those carbon credits, the methodology that needs to be used in developing a carbon project, the monitoring regimes, and standards and reporting requirements.”

He said that it would look at all aspects of the product from value adding all the way to maintaining a minimum price all the way to various way of paying for carbon.

“In terms of the market itself there are two markets; one is the compliance market and the voluntary market,” Mr Varigini explained.

“These will all be highlighted in the policy, but as we go on the existing compliance market we can trade our carbon through the Kyoto Protocol.”

Badira said that consultation was still ongoing with benefits set to go down straight to the landowners who own the land as there is minimal traditional costs and third parties to be paid off.

“Carbon trade is already there, you cannot put it through a factory or a mill, carbon stands and is measured through forests and their ability to take in carbon,” he said.