10th June 2009: Carbon One Limited (formerly EcoSecurities
New Zealand Limited), successfully arranged the first
international trade of verified and issued Kyoto forestry units.
The Assigned Amount Units (AAUs) derived from New Zealand forests registered
under New Zealand’s Permanent Forest Sink Initiative (PFSI) and were acquired by
EcoSecurities for on-sale to international buyers,
with the first onward transaction completed with the major Japanese
bank, Sumitomo Mitsui Banking Corporation.
The AAUs were bought from owners of over 300ha of forests planted across New
Zealand’s North and South Islands.
Simon Young, Managing Director of Carbon One Limited, commented at the time
that: “It is great to see export revenue being generated for New Zealand
foresters right now from carbon credits sold into overseas markets. New Zealand
has led the world in establishing a credible framework to account for forestry
in carbon markets. These transactions reflect that good work and the potential
for carbon forestry in New Zealand”.
Note that while there were about 10 projects registered in the CDM under the
afforestation/reforestation programme, none had any units issued. The
transactions related to future issuances. In contrast the units we arranged,
were registered, verified and issued. "While no LULUCF credits have yet been
issued under the CDM, several project developers have signed Emission Purchase
Agreements, exchanged rights to future credit ownership and received initial
payments. " (from State of the Forest Carbon Markets 2009: Taking Root &
Branching Out, see below for URL).