Monday, August 09, 2010

Carbon credits for palm oil plantation companies?

While environmental campaigners accuse the palm oil industry of destroying natural forests in Indonesia, the Indonesian government is preparing to allow the palm oil plantations to claim carbon credits under reducing emissions from deforestation and degradation (REDD), a UN backed scheme still under negotiation.

REDD is yet to be approved by the UN Framework Convention on Climate Change.

If REDD is approved, the Indonesian government's plan to include palm oil plantations in the scheme would generate billions of dollars revenue for the palm oil companies as they will be able to claim carbon emission reduction units or carbon credits and sell them in the market!

Here is more on this.

Activists are for sure going to see red.

1 comment:

Mark J. Fiore said...

Hello.I am an environmentalist, liberal Democrat, educated at Harvard University and Boston College Law School.I closely follow environmental news and carbon credit markets.I have high hopes for the REDD markets but feel that palm oil plantations cut down rainforest and should not get REDD credits.Let's use REDD credits for reducing deforestation of existing rainforest and other positive uses.Mark J. Fiore