DNV helps forest carbon finance vision become new reality. Kenyan project benefits wildlife, people, environment and economy.
DNV has validated and verified the world’s first REDD VCS credits, or Reduced Emissions from Deforestation and Forest Degradation. This is a critical first step for market-based financing of forest protection.
REDD is the much anticipated new approach that creates significant financial value for carbon stored in forests. REDD holds the potential to offset one-fifth of global greenhouse gas emissions, while enhancing the well-being of indigenous people, simultaneously addressing climate change and abject poverty.
Sustainable development
DNV verified the innovative Wildlife Works Kasigau Corridor REDD project in Rukinga Kenya. Through the project, a vast forest ecosystem was restored and local people were empowered through education, job creation and direct financial rewards. The success of the project proves that carbon markets can bring tangible solutions to endangered forests and wildlife, and provide incentives for people in emerging economies to invest in sustainable development.
“To ensure that the project had absolute credibility, we chose Det Norske Veritas because they are a trusted and experienced firm. Their dedicated team thoroughly and efficiently validated and verified the project, providing assurance and confidence for our investors,” said Mike Korchinsky, Founder and CEO of Wildlife Works.
Monetizing assets
DNV’s validation and verification of the project overcame the last hurdle to monetizing the biodiversity assets of the project. The credits were purchased for millions of dollars by Nedbank, South Africa’s fourth largest bank.
"We are impressed with the very high standards that Wildlife Works established for this project," said Sam Stevenson, who leads REDD Climate Change Activities at DNV Americas, the validation and verification entity for the project. “It was clear throughout our evaluations in Kenya that every detail of the project has been carefully managed.”
Robust criteria
These projects are validated against robust criteria, ensuring that the carbon credits are authentic and have measurable positive environmental and societal impact. Approved carbon offsets are registered and traded as Voluntary Carbon Units (VCUs), each representing emissions reductions of one metric ton of carbon dioxide. The Wildlife Works project is the first to generate issued VCUs for REDD.
“There is an enormous investment gap between what government programs can accomplish and the financing required to save the earth’s forests and nearby communities. A vibrant carbon market is the most rapid, and likely the only way, to bridge that gap. The REDD credit validation market will develop significantly over the next few years. DNV has the technical and international expertise to support this new type of project development,”
adds Mr Stevenson.