Wildlife Works’ Kasigau corridor REDD project in Kenya is first to issue REDD credits under the Voluntary Carbon Standard (VCS). DNV validated and verified the project.
The very first verified greenhouse gas credits from a project that reduces deforestation (REDD) have been issued under the VCS Program, marking an important milestone for VCS and for reduced deforestation projects around the world.
“This marks a watershed moment for REDD projects everywhere because it demonstrates how the private sector can mobilize capital to preserve forests,” said VCS CEO David Antonioli. "These credits, which are the world’s very first REDD credits issued under a major third-party GHG program, will chart the course for the conservation of large swaths of forest.”
In its press statement (see the related links), the VCS Association confirmed the credits were issued to the Kasigau corridor REDD project – Phase I, developed by Wildlife Works in Rukinga Sanctuary, an area of semi-arid tropical forest in Southeast Kenya. Wildlife Works developed a new methodology to calculate the GHG emissions curbed by project activities and had the methodology approved for use under the VCS Program.
Reduced deforestation – or Reduced Emissions from Deforestation and Forest Degradation (REDD) – is among the most cost-effective ways to curb the manmade GHG emissions linked to climate change. REDD carbon credits are not eligible for use in the UN’s primary offset programme, the Clean Development Mechanism (CDM) but at last December’s climate summit in Cancun, parties reached agreement on deforestation that left the door open to create a REDD market mechanism.
“To ensure that the project had absolute credibility, we chose DNV, 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.
“The project is a good example of how REDD projects can contribute to sustainable development. A vast forest ecosystem was restored and local people were empowered through education, job creation and direct financial rewards. Indeed, 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. We've also proved that the validation and verification of complex projects can be done in an efficient manner. I strongly believe this is a game changer in the market,” commented Miguel Rescalvo, head of DNV’s Climate Change and Environmental Services in Region Americas.
The project has been in operation since 2005. It has generated 1.45m carbon credits in its first six-year crediting period, and is estimated to reduce over 6m tones of CO2 over its 30 year project life.