33 Forest Capital, working in cooperation with Brazilian company CKBV Florestal, part of Grupo Cikel, announced today that it has been awarded Registration under the Verified Carbon Standard (VCS) for the first-ever REDD (Reducing Emissions from Deforestation and Degradation) project in the Amazon Rainforest.
The CIKEL Brazilian Amazon REDD APD Project is expected to receive carbon credits over the next ten years based upon a projected reduction of 9.4 million tonnes of CO2 emissions.
The CIKEL Project is located in Para State, Brazil, where 63% of the Amazon Rainforest has already been lost. By using sustainable logging practices certified by the Forest Stewardship Council®, CIKEL will continue to avoid the deforestation of 27.4 thousand hectares of rainforest which would have been deforested had traditional logging practices been used.
Passing rigorous validation standards, the CIKEL Project was validated by the VCS and the Rainforest Alliance. The VCS is the most commonly used standard for carbon accounting among projects which issue credits in the voluntary markets.
The project delivers significant benefits to the rainforest by protecting carbon stored in the forest's living biomass, by protecting the biodiversity and local communities that depend on the forest's ecosystem, and by generating an alternative income source for CIKEL via the sale of VCUs (Verified Carbon Units).
Several species native to the region that the International Union for Conservation of Nature labeled endangered will remain protected under the CIKEL Project.
Emission reductions are ensured by the VCS to be real, measurable, additional, permanent, independently verified and conservatively estimated. The VCS uniquely numbers and registers VCUs in a central database where VCUs are issued, held, transferred and retired, guaranteeing transparency.
About CIKEL: CIKEL is a 100% Brazilian company active for over 35 years, its main focus is sustainable wood, outsourcing and siderurgy. Its sustainable logging practice has FSC® certification and its mission is "Transform natural and human resources into sustainable wealth".
About 33 Forest Capital: 33 Forest Capital is a partnership between Dutch-based fund 33 Investments and Los Angeles-based venture capital fund Orange Equity. It partnered with CIKEL to develop and market the REDD Project.
SOURCE 33 Forest Capital
Source: PR Newswire (http://s.tt/1e2s9)