18 October 2021
The Coalition for Rainforest Nations and EY are proud to launch the first REDD+ rainforest carbon credit auction in compliance with the Paris Agreement to be held at the Glasgow Climate Summit (COP26) from November 1st -November 3rd, 2021. The auction celebrates the issuance of the first Paris Agreement-verified REDD+ rainforest carbon credits for commercial buyers.
The climate emergency is here! And it is happening more quickly than most scientists anticipated a few years ago. The Intergovernmental Panel on Climate Change (IPCC) – the United Nations (UN) body for assessing the science related to climate change – recommends that the world attempt to limit global warming to 1.5°C compared with pre-industrial levels. Achieving a 1.5 degrees pathway would mean dramatically slowing global deforestation.
The Paris Agreement shapes the global governmental efforts to combat climate change. It is an international climate treaty that defines how international law addresses the climate emergency. The agreement includes a dedicated article on the contribution of forests to mitigating climate change, and it recognizes Reducing Emissions from Deforestation and Degradation (REDD+; an implementation mechanism that aims to help "slow, halt, and reverse forest cover and carbon loss."
The REDD+ mechanism is the only carbon emissions standard that can claim full compliance with the Paris Agreement. It was based on the principle of providing financial value for the carbon absorbed and stored in tropical rainforests – offering incentives for all rainforest countries to halt deforestation, increase their carbon stock and to lead on tackling the climate emergency.
National forest preservation efforts are measured and reported to the United Nations Framework Convention on Climate Change (UNFCCC), which then verifies and publishes the emissions reductions on UNFCCC REDD+ hub.
For COP26, we are offering carbon reductions from accomplished national efforts in Papua New Guinea's (PNG) rainforests. Since the Paris Agreement, PNG has been delivering on its promise to the international community to slow, halt, and reverse deforestation. It has enjoyed a year-on-year downward trend on deforestation and emissions through today. Recently, the government stepped up efforts to preserve its natural rainforests by outlawing new logging concessions (2021) and introduced a ban on round log exports, starting in 2024.
The auction aims to reward PNG for its success in bending the curve, but, more importantly, to provide finance for future conservation efforts. Without finance, bold government action to save its rainforests just isn't economically feasible in PNG and many other rainforest nations. It also offers your company the opportunity to purchase a piece of this incredible conservation success story in the form of Paris Agreement-verified emissions
Papua New Guinea successfully turned the corner of deforestation in 2014-15. As a result, the United Nations Framework Convention on Climate Change (UNFCCC) verified 9 million metric tonnes of carbon reductions. To achieve these results, the country successfully complied with UNFCCC's REDD+ requirements. It's REDD+ results were reported in a technical annex on REDD+ results to the biennial update reports and underwent a technical analysis by UNFCCC.
The auction event will be co-chaired by the Prime Minister James Marape of Papua New Guinea and Carmine Di Sibio, Global Chairman and CEO, EY and will be attended by numerous heads of state and government.
We invite you to register on the REDD.plus without delay for this limited supply of Paris Agreement-verified carbon credits.
100% of the proceeds will go back to the country and to the communities that generate them.
For more information, please refer to the Paris Agreement Verified REDD+ Rainforest Carbon Credits: A Buyer's Guide.