ERA Carbon Offsets, through its 100% owned subsidiary ERA Ecosystem Restoration Associates (ERA), has signed a term sheet with the Germany-based Forest Carbon Group (FCG) for the sale of all Verified Emission Reductions (VERs) arising from the Denman Island project.
This public-private partnership involves the acquisition of 750 hectares of private and Crown land on Denman Island for inclusion in the provincial parks and protected areas system.
The transaction, which is subject to due diligence and entering a formal Verified Emissions Reductions Purchase Agreement (VERPA), would deliver several hundred thousand tonnes of VERs immediately following third party validation and verification.
The multi-faceted public-private partnership has involved the British Columbia Government, North Denman Island Lands, ERA, and FCG.
This arrangement involved the transfer of carbon rights associated with the private portion of the 750 hectares by North Denman Lands to ERA.
The British Columbia Government will ultimately add these ecologically sensitive lands to the provincial parks and protected areas system.
Without this partnership, the private land area would have been slated for development and the newly protected lands are within the rare Coastal Douglas-fir biogeoclimatic zone.
The acquisition also includes lands within the Chickadee Lake watershed and a previously logged area that provides habitat for the endangered Taylor’s Checkerspot butterfly.