South Africa's Nedbank Group has signed an agreement with non-governmental organisation Wildlife Works to develop one of the country's first large-scale carbon offsetting schemes.
Under the deal, Nedbank will acquire carbon credits from Wildlife Works, which can then be sold on to companies who want to offset their carbon emissions.
It is estimated that this scheme will provide 2.5 million tonnes of carbon by preventing deforestation in the Kasigau Corridor, which will be guaranteed until 2026.
The initiative is Africa's first reduced emissions from deforestation and degradation (REDD) project to be developed on a large scale and it has been awarded gold-level approval by the Climate Community and Biodiversity Alliance (CCBA) in its forestry protection standards.
Achieving accreditation from the CCBA is regarded as a vital step forward for any REDD scheme.
Mike Korchinsky, founder and president of Wildlife Works, commented: "The corridor project was designed to bring substantial benefit to local communities through education, job creation, environmental protection and direct financial rewards, while protecting precious biodiversity."
At the Copenhagen Climate Change Conference last week, world leaders failed to agree legally binding global emissions reduction targets but were able to hammer out a deal relating to aid for poor countries affected by climate change.
Posted by Joseph Hutton
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