NZ Forestry credits off to Japan

A major Japanese bank has come back for a second helping of New Zealand forestry credits. The deal, finalised last week, is being seen as a positive step in the developing international market for New Zealand’s forestry credits.

Last year, Sumitomo Mitsui Banking Corporation scored a double first when it bought 1000 tonnes of NZ AAU’s from 300ha of forests under the Permanent Forests Sinks Inititiative. That deal, brokered by the New Zealand office of London-based EcoSecurities, was not only the first international trade of NZ AAUs, but was also thought to be the first international trade in Kyoto-based forestry credits anywhere in the world.

Last week the bank bought an undisclosed number of AAU’s from regenerating PFSI forests in the Marlborough Sounds in a trade managed by New Zealand-based Permanent Forests International. Source: Carbon News 2010