LARGEST REDD+ PROJECT APPROVED
The world's largest REDD+ project has been approved by the Indonesian government, establishing a 64,000 hectare protected forest area in the nation's central province. The project is expected to reduce carbon emissions by 119 million tons over the course of its 30-year lifespan by preventing peatland drainage for conversion to oil palm plantations. According to the auditor who verified the project's carbon accounting, it reduced emissions by 2.1 million tons from 2009 to 2010, resulting in the highest number of credits ever verified in a single year. Meanwhile, the market for REDD carbon credits dropped eight percent in 2012, according to an assessment of the global voluntary carbon market. According to the report, overall demand rose four percent as buyers offset over 111 million tons of greenhouse gas, but demand for REDD, as projects face the challenges of securing land in tropical countries and overcoming corruption and fraud, has fallen. However, the market for credits certified under leading standards increased. For the full story, see http://news.mongabay.com/2013/0530-rimba-raya.html and http://news.mongabay.com/2013/0530-voluntary-carbon-markets.html.