But how much?

News	Monday 6th June, 2005

PNG Post Courier 6th June 2005

Signing enhances carbon trade push

PRIME Minister Sir Michael Somare’s international crusade on carbon took a significant leap with the engagement of Pacific Capital Ltd as the country’s international marketers for carbon trade.
The Government through National Planning Minister Arthur Somare on Friday signed an agreement with Pacific Capital’s managing director Neil McIntyre to be the country’s exporter and marketers of carbon.
Pacific Capital Limited is a combination of the country’s various financial institutions and an Australian company.
Mr Somare said Papua New Guinea had the third largest rainforests in the world with 1.7 million hectares of virgin rainforest and the carbon trade could begin in areas like the Southern Highlands encompassing Beaver Falls that have been ring fenced. He said the carbon trade and the K3 billion PNG-Australia gas pipeline would run parallel to each other.
The Kyoto Protocol called for countries to reduce their carbon emission in order to curb further damage of the world’s atmosphere.
Carbon trade involves the preservation of rainforests so that it can continue to supply the world with the oxygen needed for human survival.
Mr McIntyre said they had proposed the idea to the Government four years ago but because there were certain issues that the Kyoto Protocol had to resolve, it was put on hold.
“Our challenge is to get revenue for the state on a commercial basis and that will be achieved before the end of this financial year,” he said.
Mr Somare said the Government’s relationship with Pacific Capital Ltd was to allow for the realisation of the commercial aspect to take place.