SYS-CON MEDIA Authors: Liz McMillan, Carmen Gonzalez, Zakia Bouachraoui, Roger Strukhoff, David Linthicum

News Feed Item

ERA Announces Signing of a 17.5 Million Tonne Carbon Offset Agreement With the Democratic Republic of Congo

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/04/11 -- ERA Carbon Offsets Ltd. (TSX VENTURE: ESR) through its 100% owned subsidiary ERA Ecosystem Restoration Associates Inc., (ERA) is pleased to announce the signing of a Carbon Rights Agreement (CRA) with the Minister of Environment for the Government of the Democratic Republic of Congo (DRC). The CRA supports a landscape-scale integrated Avoided Deforestation project.

Project highlights include:

--  Initial crediting period: 25 years
--  Project size: 299,685 hectares
--  Carbon offset annual generation (approx): 700,000 - 1,000,000 tonnes
--  Reported average carbon price per tonne in 2009: $6.50 USD(i)

The project is located in the district of Mai Ndombe, Bandundu Province, in Western DRC. Over 30,000 people live in this ecologically diverse area, which is home to forest elephants, hippopotamuses and endangered bonobo chimpanzees.

The project will be developed to the Verified Carbon Standard (VCS) and the Climate, Community and Biodiversity Standard (CCBS), in order to recognize the project's high social and ecological values. Preliminary modeling has indicated that up to 1,000,000 tonnes of verified emission reductions will be produced annually once the project is fully implemented. The project has the potential to generate millions of dollars in revenue for local communities and project participants over the project cycle.

This project will consist of two distinct activity types: Improved Forest Management (IFM) and Reduced Emissions from Deforestation and Degradation (REDD+). The IFM portion of the project will result in the cessation of active commercial logging activity. The reduction of illegal logging and the reduc-tion of unsustainable forest clearing for agriculture and fuel wood will be addressed in the REDD+ portion of the project.

In the first year of project build out, ERA plans to produce Verified Carbon Units (VCUs) derived from the IFM portion of the project, while working with local NGO and community partners to develop the more comprehensive REDD+ portion of the project.

The REDD+ portion of the project will be community-based, with inclusive village-level representative committees establishing conservation areas based on traditional land-use patterns. Activities such as agricultural diversification and intensification, cook-stove improvements, and fuel-wood plantations will be employed in order to allow communities to develop diversified, sustainable local economies while easing the burden on surrounding forests.

Carbon revenue will also provide communities with infrastructural support, including support for the construction of much needed schools and clinics, along with improvements to the region's neglected boat transportation infrastructure. Both REDD+ and IFM activities will only take place with the full, free, prior and informed consent of local communities.

ERA is now finalizing its Concession Management Plan in accordance with the Congolese Forest Code, which is expected to culminate with the signing of a Concession Contract. ERA anticipates this Concession Contract being signed by the end of May. Once the Conservation Concession is in place ERA will begin project development and implementation which will include methodological development, liaising with federal and local governments and participating communities, and working with experienced non-governmental organizations. Additional announcements in this regard will be forthcoming.

Dr. Robert Falls, ERA's Chief Executive Officer, commented: "The Carbon Rights Agreement executed between the Democratic Republic of Congo and ERA is remarkable for a number of reasons. Not only is it the first of its kind to be signed by the DRC, but it represents a significant milestone in implementing ERA's plans to develop landscape-scale climate mitigation projects internationally. This project will generate millions of tonnes of carbon benefits to the atmosphere, while providing protection to forests with the direct engagement of Congolese communities, for decades to come. The project also has the potential to reward investors in the rapidly developing carbon markets in which ERA is engaged, which have grown over 100 fold in the past six years."

(i) Ecosystem Marketplace and Bloomberg New Energy Finance reported in "Building Bridges - State of the Voluntary Carbon Markets 2010", that the average over the counter (OTC) voluntary carbon offset price for 2009 was $6.50 USD per tonne. ERA cannot state with any certainty that the OTC voluntary carbon offset price will remain at $6.50 USD per tonne and that ERA will be able to sell all or any of its carbon offsets. Carbon offset prices for 2010 will be published by Ecosystem Marketplace and Bloomberg New Energy Finance in the summer of 2011.

Robert Falls, Ph.D.

Chairman & Chief Executive Officer

About ERA Carbon Offsets Ltd.

A pioneer in forest restoration and conservation carbon offset projects; ERA has delivered over one million tonnes of carbon offsets to the voluntary market. The company's Community Ecosystem Restoration Program began in 2005 in British Columbia, Canada, and its activities have grown to include supporting forest carbon projects in Africa, New Zealand and the Hawaiian Islands. ERA's clients and product users include Air Canada, Catalyst Paper, Rolling Stone Magazine, HSE - Entega, The Forest Carbon Group AG, and Shell Canada Limited. ERA's carbon offset products are validated and verified to ISO-14064, CCBA, PFSI-VER and VCS standards.

Additional information on ERA can be found on the corporate website www.eracarbonoffsets.com or by contacting [email protected].

FORWARD LOOKING STATEMENTS: This document includes forward-looking statements as well as historical information. Forward-looking statements include, but are not limited to, the continued advancement of the company's general business development, research development and the company's development of forest-based carbon offsets. When used in this document, the words "anticipate", "believe", "estimate", "expect", "intent", "may", "project", "plan", "should" and similar expressions may identify forward-looking statements. Although ERA Carbon Offsets Ltd. believes that their expectations reflected in these forward looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements. Important factors that could cause actual results to differ from these forward-looking statements include fluctuations in the marketplace for the sale of carbon credits, the inability to implement corporate strategies, the ability to obtain financing and other risks disclosed in our filings made with Canadian Securities Regulators.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contacts:
ERA Carbon Offsets Ltd.
Alex Langer
604-646-0400
[email protected]
www.eracarbonoffsets.com

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
The platform combines the strengths of Singtel's extensive, intelligent network capabilities with Microsoft's cloud expertise to create a unique solution that sets new standards for IoT applications," said Mr Diomedes Kastanis, Head of IoT at Singtel. "Our solution provides speed, transparency and flexibility, paving the way for a more pervasive use of IoT to accelerate enterprises' digitalisation efforts. AI-powered intelligent connectivity over Microsoft Azure will be the fastest connected pat...
There are many examples of disruption in consumer space – Uber disrupting the cab industry, Airbnb disrupting the hospitality industry and so on; but have you wondered who is disrupting support and operations? AISERA helps make businesses and customers successful by offering consumer-like user experience for support and operations. We have built the world’s first AI-driven IT / HR / Cloud / Customer Support and Operations solution.
ScaleMP is presenting at CloudEXPO 2019, held June 24-26 in Santa Clara, and we’d love to see you there. At the conference, we’ll demonstrate how ScaleMP is solving one of the most vexing challenges for cloud — memory cost and limit of scale — and how our innovative vSMP MemoryONE solution provides affordable larger server memory for the private and public cloud. Please visit us at Booth No. 519 to connect with our experts and learn more about vSMP MemoryONE and how it is already serving some of...
Darktrace is the world's leading AI company for cyber security. Created by mathematicians from the University of Cambridge, Darktrace's Enterprise Immune System is the first non-consumer application of machine learning to work at scale, across all network types, from physical, virtualized, and cloud, through to IoT and industrial control systems. Installed as a self-configuring cyber defense platform, Darktrace continuously learns what is ‘normal' for all devices and users, updating its understa...
Codete accelerates their clients growth through technological expertise and experience. Codite team works with organizations to meet the challenges that digitalization presents. Their clients include digital start-ups as well as established enterprises in the IT industry. To stay competitive in a highly innovative IT industry, strong R&D departments and bold spin-off initiatives is a must. Codete Data Science and Software Architects teams help corporate clients to stay up to date with the mod...
As you know, enterprise IT conversation over the past year have often centered upon the open-source Kubernetes container orchestration system. In fact, Kubernetes has emerged as the key technology -- and even primary platform -- of cloud migrations for a wide variety of organizations. Kubernetes is critical to forward-looking enterprises that continue to push their IT infrastructures toward maximum functionality, scalability, and flexibility. As they do so, IT professionals are also embr...
Platform9, the leader in SaaS-managed hybrid cloud, has announced it will present five sessions at four upcoming industry conferences in June: BCS in London, DevOpsCon in Berlin, HPE Discover and Cloud Computing Expo 2019.
At CloudEXPO Silicon Valley, June 24-26, 2019, Digital Transformation (DX) is a major focus with expanded DevOpsSUMMIT and FinTechEXPO programs within the DXWorldEXPO agenda. Successful transformation requires a laser focus on being data-driven and on using all the tools available that enable transformation if they plan to survive over the long term. A total of 88% of Fortune 500 companies from a generation ago are now out of business. Only 12% still survive. Similar percentages are found throug...
When you're operating multiple services in production, building out forensics tools such as monitoring and observability becomes essential. Unfortunately, it is a real challenge balancing priorities between building new features and tools to help pinpoint root causes. Linkerd provides many of the tools you need to tame the chaos of operating microservices in a cloud native world. Because Linkerd is a transparent proxy that runs alongside your application, there are no code changes required. I...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, discussed the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, application p...
Modern software design has fundamentally changed how we manage applications, causing many to turn to containers as the new virtual machine for resource management. As container adoption grows beyond stateless applications to stateful workloads, the need for persistent storage is foundational - something customers routinely cite as a top pain point. In his session at @DevOpsSummit at 21st Cloud Expo, Bill Borsari, Head of Systems Engineering at Datera, explored how organizations can reap the bene...
"NetApp's vision is how we help organizations manage data - delivering the right data in the right place, in the right time, to the people who need it, and doing it agnostic to what the platform is," explained Josh Atwell, Developer Advocate for NetApp, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
Druva is the global leader in Cloud Data Protection and Management, delivering the industry's first data management-as-a-service solution that aggregates data from endpoints, servers and cloud applications and leverages the public cloud to offer a single pane of glass to enable data protection, governance and intelligence-dramatically increasing the availability and visibility of business critical information, while reducing the risk, cost and complexity of managing and protecting it. Druva's...
Kubernetes as a Container Platform is becoming a de facto for every enterprise. In my interactions with enterprises adopting container platform, I come across common questions: - How does application security work on this platform? What all do I need to secure? - How do I implement security in pipelines? - What about vulnerabilities discovered at a later point in time? - What are newer technologies like Istio Service Mesh bring to table?In this session, I will be addressing these commonly asked ...
BMC has unmatched experience in IT management, supporting 92 of the Forbes Global 100, and earning recognition as an ITSM Gartner Magic Quadrant Leader for five years running. Our solutions offer speed, agility, and efficiency to tackle business challenges in the areas of service management, automation, operations, and the mainframe.