Flagship Rimba Raya Project Gets Indonesia’s OK

Flagship Rimba Raya Project Gets Indonesia’s OK

/in /by

The Rimba Raya Biodiversity Reserve has been validated by Indonesia’s carbon registry, the SNR.

This follows the news earlier this year when Indonesia announced it’s suspending validating carbon projects.
 

The Rimba Raya project is located in the Indonesian province of Central Kalimantan on the island of Borneo.

The area was going to be converted into palm oil plantations before being protected and is home to a rich diversity of plants, animals, and endangered species.

This is the first REDD+ carbon project to get verified by the SRN.

Rimba Raya’s Validation Details

The validation is set to begin in Jan 2023 and will cover an initial timeframe from July 1, 2019, to December 31, 2022, for a total of 9,719,928 credits (before any buffer deductions).
 
36,331 hectares under the first phase (more land to be validated separately).
Emission reductions extend until 2073
Averaging 2.65 million credits per year

Rimba Raya was the first to get validated under the Sustainable Development Verified Impact Standard (SD VISta) for hitting all of the UN’s 17 Sustainable Development Goals.

Back in August 2021, Carbon Streaming Corp announced a Carbon Credit stream agreement on Rimba Raya with the project founders InfiniteEARTH.

InfiniteEARTH revenue stream from carbon credit sales supports local community development, provincial government infrastructure, and project area protection.

According to InfiniteEARTH’s Managing Director Jim Procanik:
“We are honored to cooperate with the Indonesian government to validate Rimba Raya under Indonesia’s SRN. Working with the SRN team, auditors, and supporting personnel gives us great confidence in the future of Indonesia’s management of its carbon resources.”
The SRN & Reg 21
 
In October 2022, Indonesia’s Ministry of Environment & Forestry set out a framework for carbon trading – Regulation #21, where:
Projects within the country are to be registered, validated, and verified by the SRN.
10-20% of carbon credits issued for international offsets are to be withheld by SRN.
0-5% of carbon credits issued for domestic offsets are to be withheld by SRN.

The withheld credits will go toward Indonesia’s Nationally Determined Contributions (NDC) – as part of the country’s Paris Agreement commitment.

These credits may be released when the applicable sub-sector’s NDC targets are met.

The SRN carbon credit system follows internationally accepted standards (UNFCC guidelines) and is managed by government and non-government stakeholders and auditors.

 

Disclosure: Owners, members, directors and employees of carboncredits.com have/may have stock or option position in any of the companies mentioned: NETZ

Additional disclosure: This communication serves the sole purpose of adding value to the research process and is for information only. Please do your own due diligence. Every investment in securities mentioned in publications of carboncredits.com involve risks which could lead to a total loss of the invested capital.

Please read our Full RISKS and DISCLOSURE here.

The post Flagship Rimba Raya Project Gets Indonesia’s OK appeared first on Carbon Credits.