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Celestial Green Ventures PLC expected to benefit from changes to Irish Tax Code

DGAP-News: Celestial Green Ventures PLC / Key word(s): Miscellaneous
Celestial Green Ventures PLC expected to benefit from changes to Irish
Tax Code

16.02.2012 / 09:00

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Celestial Green Ventures PLC expected to benefit from changes to Irish Tax
Code

On Wednesday 8th February, the Irish Minister for Finance, Michael Noonan
T.D. published the Finance Bill 2012, which extends the range of carbon
offsets recognised in the Irish Tax Code to explicitly include those
generated by projects that reduce emissions from deforestation and forest
degradation (REDD).

The inclusion of REDD credits in the tax code makes establishing a special
purpose vehicle (SPV) to buy forest carbon credits and then issue forestry
bonds ´very tax efficient, very cost-effective, ´ said Paul Harris, head of
natural resources risk management at the Bank of Ireland in Dublin.

´This is part of the effort to ensure that Ireland offers the best possible
environment for green finance, ´ he told Environmental Finance.

This means that Ireland has become the first country in the world to
recognise forest carbon credits in its tax regime. This innovative approach
proves that Ireland is at the forefront of Green Financing and Investment.
These measures will contribute towards the overall plan for economic
recovery, as well as curbing the devastating effects of global climate
change.

The new section of the Tax Code allows costs associated with the creation
of SPVs to be offset, and gives favourable treatment to any profits
generated. An SPV can be used to securitise carbon credits, with the cash
flow used to pay the bondholders´ interest and principal.

´We are delighted that the Irish Government has shown willingness and the
foresight to explicitly establish REDD credits within their new 2012 Tax
Code. REDD credits have a pivotal role to play in reducing global carbon
emissions. This innovative approach, will certainly be beneficial to the
Irish economy, particularly in terms of job creation´, said Ciaran Kelly,
CEO of Celestial Green Ventures.

Celestial Green Ventures (CGV), a Dublin based carbon credit development
company is a global leader in the development of REDD carbon credits. They
currently hold the carbon credit rights in seventeen different project
areas in the Amazonian region of Brazil, where they have signed initial
30-year contracts with Brazilian Municipalities, Local Land Owners and
Indigenous Communities.

CGV has developed an innovative, financially savvy and environmentally
sustainable investment vehicle, which offers an opportunity to invest in
REDD projects which deliver co-benefits including conservation of the
rainforest, biodiversity protection and also socio-economic improvements
for the local communities.

For more information about Celestial Green Ventures and REDD carbon
credits, visit celestialgreenventures.com or email
[e-mail].

End of Corporate News

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156838 16.02.2012