ERA Executes Term Sheet with the Forest Carbon Group AG for the Sale of 1,800,000 Tonnes of VERs over 3 Years
Sept 24, 2010, Vancouver, British Columbia: ERA Carbon Offsets Ltd. (TSX-V: ESR) through its 100% owned subsidiary ERA Ecosystem Restoration Associates Inc, (ERA) is pleased to announce that it has executed a term sheet for the sale of 1,800,000 tonnes of Verified Emission Reductions (VER) to the German based Forest Carbon Group AG.
The transaction, which is subject to due diligence and entering a formal Verified Emissions Reductions Purchase Agreement (VERPA), would deliver 600,000 tonnes of validated VERs in 2011, 600,000 tonnes of VERs in 2012 and 600,000 tonnes of VERs in 2013.
The VERs being produced are being sourced from ERA’s reforestation and conservation projects based in Canada. The VERs will be validated and verified to the International Standard Organization’s ISO 14064-2 standard and, if applicable, to the Community, Climate and Biodiversity Alliance’s CCBA standard or a mutually agreed upon equivalent standard. All VERs will be serialized and registered on the international Markit Environmental Registry.
Dana Veith, FCG’s Director Products and Solutions, commented: “We are pleased to continue our partnership with ERA and purchase high quality carbon credits from forest conservation and restoration projects in Canada. For our customers, Canada is an attractive country from an ecological and forest management point of view. Project risks are low; the forest ecosystems of the Pacific coast offer rich biodiversity and an enormous capacity to store carbon securely for a long time. Carbon credits function as a currency to protect and restore forests and give value to ecosystem services.”
Dr. Robert Falls, ERA’s Chief Executive Officer, commented: “The signing of this term sheet illustrates the growing demand for high quality forest based offsets in the International marketplace. FCG will utilize these offsets specifically in the voluntary carbon market, which indicates a strong environmental and social commitment by the FCG organization, and the companies they work with. We applaud their long term commitment to a low carbon future, while looking forward to sharing their story and success in Germany with companies closer to home.” Dr. Falls added, “What is truly exciting for our organization, and the landowners we deal with, is the high value restoration numerous degraded ecosystems will enjoy, along with the protection and conservation of many more forests that are threatened. Rest assured, these projects would not be happening without the existence of carbon finance as a tool for putting value on our natural environment.”
About The Forest Carbon Group AG.
The Forest Carbon Group works to protect and restore forests. Driven by the idea that ecology and economy should mutually benefit from one another, it invests in and co-develops large-scale forestry projects world-wide. These projects not only give value to forests’ ecosystem services but also have many social co-benefits that enable involved communities to create sustainable local economies. The Forest Carbon Group offers companies tailor-made solutions for becoming more sustainable and carbon neutral using the mechanisms of the voluntary carbon market. The full service approach includes identifying, developing and financing forestry projects, and providing guidance in marketing and communications to leverage the potential of companies’ sustainable investment. The Forest Carbon Group offers real, additional, and verifiable VERs that are approved and audited by internationally renowned third parties. Founded in 2009, the Forest Carbon Group consists of specialists with many years’ experience in carbon markets, forestry, project development, marketing, communications and financing. The company’s headquarter is in Frankfurt, Germany.
About ERA Carbon Offsets Ltd.
ERA is a Canadian pioneer in forest restoration and conservation carbon offset projects. The company’s Community Ecosystem Restoration Program located in the Lower Fraser Valley, British Columbia, began in 2005 in the District of Maple Ridge, and has grown to include five communities including Metro Vancouver. ERA has delivered over 1,000,000 tonnes of carbon offsets to the voluntary market and is engaged in forest carbon projects in Canada, Africa and the Hawaiian Islands to supply the North American and the international voluntary and pre-compliant markets. ERA’s clients and product users include Air Canada, Catalyst Paper, HSE – Entega, Rolling Stone Magazine, Shell Canada Limited, The Forest Carbon Group AG, and The Globe Foundation of Canada. ERA’s carbon offsets are being validated to the ISO 14064, CCBA, PFSI-VER and VCS standards.
On behalf of the Board of Directors of
ERA CARBON OFFSETS LTD.
Chief Executive Officer
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