Carbon Streaming Corporation (“CSC” or the “Company”) is pleased to announce it has entered into an exclusive term sheet with the Bonobo Conservation Initiative (“BCI”) to provide initial funding for BCI to develop two carbon credit projects within the Bonobo Peace Forest (“BPF”) located in the Democratic Republic of Congo (“DRC”). These projects are dedicated to the preservation of the endangered bonobo species (Pan paniscus), a great ape and one of humanity’s closest genetic relatives, and their native rainforest habitat.
The Bonobo Peace Forest is a growing network of community-managed protected areas, creating a unique biodiversity conservation corridor for bonobos and other wildlife. The BPF currently spans 5,258,700 hectares (ha), an area larger than Massachusetts, Connecticut and Rhode Island combined. The two projects account for over 67% of the total area within the BPF and offer a combined potential to avoid and remove hundreds of million tonnes of carbon dioxide equivalent (CO2e) over the 30-year span of the agreement. These projects also generate multiple social and economic benefits for local communities who will spearhead the biodiversity conservation measures.
Justin Cochrane, President & CEO of the Company stated, “Carbon Streaming is thrilled to be partnering with BCI to develop these two vital projects that fight climate change, invest in their local communities and protect the endangered bonobos and many other species.” Mr. Cochrane continued, “This investment builds on CSC’s previously announced blue carbon project investment in Mexico and shows our commitment to supporting carbon credit projects around the world that also provide substantial community and biodiversity benefits.”
The two carbon credit projects in the BPF will mitigate current threats of deforestation and degradation through natural resource management. They are located within the Sankuru Nature Reserve (3,057,000 ha) and the Kokolopori Bonobo Reserve (479,480 ha). The Sankuru Reserve contains some of the highest biomass forests in the Congo Basin at 400+ tonnes per hectare. The Kokolopori Bonobo Reserve is BCI’s flagship community conservation site and boasts one of the world’s largest known bonobo populations. Several bonobo groups here are uniquely habituated to the presence of humans, affording opportunities for scientific research and ecotourism.
The REDD+ framework developed by the United Nations Framework Convention on Climate Change (UNFCCC) will be used to define the projects, both of which are anticipated to be certified through the Verified Carbon Standards (VCS) administered by Verra, an international institution based in Washington D.C. that manages carbon credit standards.
BCI, established in 1998, champions a community-based conservation approach in which local people steward their own natural resources. The BCI team, led by Founder & President Sally Jewell Coxe, brings extensive management experience in REDD+ project development, including monitoring and evaluation, community outreach, training, capacity building, and biodiversity conservation management. BCI team members have executed multiple carbon credit and conservation projects around the globe, including validation of the first VCS REDD+ project in the DRC. BCI has earned a strong reputation for its commitment to making community development a centerpiece of sustainable conservation efforts. The program offers additional co-benefits contributing alternative sources of income for thriving local communities.
CSC was advised by Carbon Advisors LLC and Stikeman Elliott LLP acted as legal counsel to CSC.