Carbon Streaming Provides Corporate Update and Announces New Removals Streaming Agreement With Mast Reforestation - Seite 2

Proceeds from the Baccala Ranch Reforestation Stream are expected to be used for on-the-ground project implementation activities, including site preparation and planting. Baccala Ranch is significant for its high conservation value and notable intersection with the Pacific Crest trail, providing habitat for local fauna including black bears, mule deer, and bald eagles. Reforestation of Baccala Ranch will also reduce sedimentation, improve water quality and enhance hydrologic function of the Lake Almanor Watershed. 

Sheep Creek Reforestation Project Update

The Sheep Creek Reforestation Project has been revised to include an additional section of the Sheep Creek Ranch, increasing the carbon credit generation expected under the Sheep Creek Reforestation Stream from approximately 225,000 carbon credits to approximately 285,000 carbon credits. The project has also secured a grant, enabling Carbon Streaming to reduce its upfront capital commitment to the project by US$0.25 million. The Company has entered into an amendment to its Sheep Creek Reforestation streaming agreement to reflect these updates.

Indonesian Regulatory Updates

Following the issuance in 2022 of Regulation No. 21 of 2022 (“Reg 21”) – the Indonesian carbon regulation, in 2023 the Ministry of Environment & Forestry (“MOEF”) issued MOEF Regulation No. 7 of 2023 on Carbon Trading Procedure in Forestry Sector – which serves as a sectoral carbon trading regulation for the forestry sector; and MOEF Decree No. 1027 of 2023 on Carbon Trading Road Map for Forestry Sector. Although these regulations have been issued, carbon trading activities in the forestry sector have not yet commenced and there continues to be no indication as to when such trading activities will begin.

Verra Updates

On January 23, 2024, as part of ongoing modernization of its methodologies, Verra announced that it had inactivated ‘VM0004 Methodology for Avoided Planned Land Use Conversion in Peat Swamp Forests, v2.0’. Verra confirmed that projects validated under VM0004 may continue to use it until their next baseline reassessment or crediting period renewal, whichever is the earliest.

Verra further reported that it anticipates releasing revised modules for Avoided Planned Deforestation activities in peatlands under the VM0007 REDD+ Methodology Framework (REDD+MF) by the end of Q1 2024, and is aiming to complete a new standalone methodology for tropical peatlands by the end of 2024.