Climate Impact Partners, experts in the voluntary carbon market for more than 25 years, has launched an innovative investment initiative enabling companies to support a new high impact project development opportunity; expected to deliver more than two million tonnes of verified carbon dioxide removal units.
The Panna project, a new community-based afforestation project in the Madhya Pradesh State, India, offers companies the opportunity to secure nature-based carbon removal credits over the next 25 years. This comes at a critical time, with demand for credits to meet net zero targets set to increase 15-fold by 2030 and current supply unable to meet this.
Through early expressions of interest, potential funders can gain immediate access to detailed project information, risk assessments, and draft contracts to facilitate the ease and speed of bidder decision processes and contracting – it is an investment ready option.
Working with a local tree planting expert, that has worked with communities within India’s tribal belt for more than 20 years, more than 11 million native trees will be planted over 20,000 hectares of private farmer and community lands. New sources of income will be created through fruit trees, and new jobs created through nurseries and project implementation and monitoring.
Climate Impact Partners has worked on the project feasibility for the last 18 months, using the latest digital and remote monitoring technology to carry out detailed risk assessments. The company has invested in the first-year of activities, including planting up to 600,000 trees by October 2023. Companies looking to secure large volumes of high-quality carbon removals have been invited to apply to fund the scale-up of the project.
Rachael Nutter, Global Director of Project Development at Climate Impact Partners commented:
“We implement a design-for-quality approach across all our projects, and this includes our new streamlined bidding process. We are increasing the ease and speed of contracting for ambitious companies interested in, and able to, support this project, enabling them to deliver on their long-term climate commitments sooner. We have de-risked the project through our detailed risk assessment process and our own investment in the first year of activities – trees are going into the ground today.
“We believe in the impact of this project – both on climate and communities. It is a clear example of why afforestation is so much more than planting trees. It has a strong focus on water conservation infrastructure, building nursery capacity and training communities on climate-smart agricultural techniques. It will also deliver long-term sustainable income to farmers, alongside the creation of new jobs.”
Companies looking to secure large volumes of high-quality carbon removals have been invited to apply to the bidding process and have until mid-September 2023 to express their interest.
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