EDITOR'S NOTE: March 14, 2023: Four weeks after this story was published the carbon project verification body Verra advised NIHT that it had lifted the suspension of its right to trade carbon credits. Watch the full Four Corners investigation on ABC iview now. "It's really made us think about the credits that we're going to buy into the future." "That we saw anything that raises concerns about whether they're having the impact that they were going to have … that's a worry," he said. Sam Nickless, chief operating officer at law firm Gilbert + Tobin said the credits were bought in good faith based on accreditation from the Australian government The research shows the forest carbon offsets issued by Verra are largely worthless and could make global heating worse, as expressed by the Guardian. "We need to have faith in the projects, in the legitimacy of, and the integrity of the projects that we are buying into," he said. The broader question is the lack of transparency.įour Corners could not find any publicly available disclosure from NIHT about the logging.Īustralian Mutual Bank CEO Mark Worthington said the company should've been informed. NIHT is adamant that the logging does not affect the integrity of its carbon credits already sold, but conceded it cost it 300,000 credits, estimated to be worth $US3 million in net revenue. NIHT claims two intances of logging have now been stopped at its carbon project. They're hot air, they're not worth the paper they're printed on," she said. "They do not represent real emissions reductions. It's not clear what the logging means for the value of the carbon credits.Įnvironmental social scientist Andrea Babon, who wrote her PhD on carbon trading schemes in PNG, believes that were the logging to expand, it could compromise their integrity. The company said it had now managed to end two instances of logging in its carbon project area. NIHT told Four Corners it was supporting the New Ireland provincial government’s efforts to stop unwanted logging. The court judgement states: "Strauss repeatedly and knowingly and/or recklessly defrauded investors by disseminating false and misleading information." The NIHT project's future is now unclear.Ĭarbon project verification body Verra suspended NIHT's right to trade credits after Four Corners provided it with information about CEO Stephen Strauss's chequered corporate history.Ī decade ago, US regulators took civil action against Mr Strauss after he issued a series of false statements which inflated the stock price of a company he ran. ( Four Corners) Project's uncertain future Mr Juffa says he’s protecting the people of his province.
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