ERA Holds Annual AGM and Provides Corporate Update on Operations
26 10월 2011 - 10:30PM
Marketwired
ERA Carbon Offsets Ltd. (TSX VENTURE:ESR), is pleased to announce
completion of its October 20, 2011 Annual General Meeting ("AGM")
at which the shareholders re-elected Dr. Robert Falls, Duncan J.
Manson, Bart Simmons, Graham Harris, Holger Mayer and Frederic
Jacquemont to the Board of Directors. All proposed resolutions were
passed. Participants were provided with overviews on company
operations, which are shared below.
African REDD Operations Update
ERA is developing a 300,000 hectare REDD+ project on the west
side of Mai-NdombeLake in the Democratic Republic of Congo (the
"DRC"). After entering into a Carbon Rights Agreement with the
Minister of Environment, Conservation and Tourism in March 2011,
ERA next entered into a contract for the country's first ever
Conservation Concession on July 30, 2011. This contract provides
that ERA will manage the concession area for 25 years and benefit
from the carbon offsets generated by the project during that time.
Current modeling indicates that the project may generate between
1.5 million and 3.0 million tonnes of carbon offsets per year for
the next 25 years. Field crews are currently working in the project
area to quantify the carbon intensity of the concession. Local
leaders support the project which will provide long term
socio-economic and environmental benefits for the region, including
construction of four new schools which is underway in the
concession area at the moment. ERA is now developing the Project
Design Document (PDD) to be submitted for validation to the
Climate, Community and Biodiversity Alliance Standard (CCBS) later
this year, with necessary field work getting underway in early
November, 2011. ERA is developing a Verified Carbon Standard (VCS)
methodology for use in the project area in conjunction with
independent third party VCS forestry and REDD experts. The company
is also in discussions with international funds and others
interested in becoming financiers and/or anchor buyers of the
carbon offsets expected from the DRC project. Validation of the
project to the CCBS standard is expected by mid-2012, with VCS
validation and verification to follow later in the year. ERA
expects to begin selling carbon offsets from the project upon CCBA
validation in 2012. The company is also exploring other African
forest based carbon projects and related opportunities which could
produce carbon offsets for both the voluntary market and for
trading under the European Union Emissions Trading System and/or
emerging compliance markets.
North American Pre-Compliance Update - AB32 Expected To Go Live
January 1, 2013
During 2011 ERA positioned itself to take advantage of policy
developments leading to the creation of North American carbon
offset trading markets, most notably in jurisdictions that are part
of the Western Climate Initiative (WCI). In August 2006, California
led the way by passing into law its AB-32 legislation to address
greenhouse gas emissions. On October 20, 2011 the California Air
Resource Board (ARB) released the rules which will apply when
California's carbon emissions cap and trade system begins operation
on January 1, 2013. In addition, the ARB recently published the
"Compliance Offset Protocol (for) U.S. Forest Projects" which
provides the framework for forest project developers, like ERA, to
develop carbon offset projects which will be fungible into
California's trading system. These are significant developments as
California will soon have the first North American "cap and trade"
market, which is expected to include the world's largest market for
forestry based carbon offsets. Initial estimates are that AB-32 may
require up to 225 million tonnes of carbon offsets to meet
compliance demand during its first 3 compliance periods, between
2013 and 2020. The market is expected to be in short supply and
trading in pre-compliance carbon offsets has already begun as
emitters and investors are beginning to establish inventories of
carbon offsets in advance of the California system "going live" in
2013. Additional information on California's AB-32 legislation can
be found in the link provided here:
(http://www.arb.ca.gov/newsrel/2011/cap_trade_overview.pdf).
ERA is presently expanding its expertise to include all aspects
of the new ARB forestry protocol. ERA is also developing a pipeline
of carbon offset projects expected to be eligible for trading under
California's new emissions trading scheme. Specifically, resources
are being directed towards strategic partnerships and origination
opportunities, which could deliver multi-year streams of carbon
offsets eligible for sale under the California system and,
potentially, under the WCI should additional jurisdictions come on
board. ERA is also exploring opportunities in other WCI
jurisdictions such as British Columbia and Quebec, which are
developing their own provincial emissions trading policies and are
expected to align under the WCI banner in the next few years.
Current Voluntary Projects and Sales Update
During 2011 ERA celebrated both the completion of its award
winning Denman Island Land Conservation project,and an Improved
Forest Management project on 55,000 hectares of land owned by the
Nature Conservancy of Canada known as "Darkwoods", and continued to
implement its Community Ecosystem Restoration Program (CERP) in the
Lower Mainland of British Columbia. The Darkwoods project is the
largest verified forestry carbon offset project undertaken in North
America to date. All carbon offset tonnes developed from the
DenmanIsland and CERP projects have been sold, as have carbon
offset tonnes contracted to ERA from the Darkwoods project.
Duncan J. Manson, CEO of ERA commented, "We are encouraged by
the progress we see in the development of international and
regional carbon markets, despite the challenging economic
environments in many jurisdictions. The pending implementation of
the California cap and trade market is expected to open significant
opportunities for the company both as a developer of qualifying
forestry based carbon offset projects and as a provider of
expertise in the field. The development of REDD carbon offset
projects in Africa and elsewhere is another massive opportunity
which the company is presently pursuing and will continue to pursue
in the future. Our portfolio approach to developing projects and
investing in developing compliance markets as well as the voluntary
carbon market has enabled ERA to deliver high quality projects that
meet customer needs, which is expected to continue as ERA grows and
attracts motivated buyers and financial partners in the
future."
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 ("CERP") began in 2005 in British Columbia,
Canada, and its activities have grown to include forest carbon
projects in Canada, Africa, New Zealand and the United States.
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, CAR and VCS
standards.
On behalf of the Board of Directors,
ERA CARBON OFFSETS LTD.
Duncan J. Manson, Chief Executive Officer
Additional information on ERA can be found on the corporate
website www.eracarbonoffsets.com or by contacting
investor@eracarbonoffsets.com.
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. David Rokoss
604-973-6512david.rokoss@eraecosystems.comwww.eraecosystems.com
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