Logo of Phnom Penh Post newspaper Phnom Penh Post - Carbon trade: Cambodia forests for EU scheme

Carbon trade: Cambodia forests for EU scheme

Carbon trade: Cambodia forests for EU scheme

Carbon trade
CAYMAN Islands-registered Green Glory Ltd is in the process of obtaining management rights to establish a carbon credit scheme using Cambodia’s forests, according to a company statement.

The firm is seeking rights to 450,000 hectares of the Kingdom’s woodlands for supply-side carbon credits. It is also planning to list on the London Alternative Investment Market exchange via the acquisition of AIM-listed Tricor Plc.

The agreement between Green Glory and Tricor is subject to conditions – including the granting of the forest management rights by the Kingdom, according to a statement released late last week.

Many developed nations have signed to the Kyoto Protocol, creating demand for carbon credits, according to the firm.

Tricor requested a trading halt  on December 31 as the deal was being finalised.

Carbon permits rose in Europe last year after two consecutive years of decline.

Allowances for a December 2011 delivery in the world’s biggest cap-and-trade program gained 8.3 percent in 2010 after falling 23 percent in 2009 and 29 percent in 2008. They traded at €14.24 (US$19.024) per tonne on December 31 on London’s ICE Futures Europe exchange.

MOST VIEWED

  • Locations shut, dozens more Covid-19 positive

    The Ministry of Health has closed 23 locations in connection with the February 20 community transmission of Covid-19 and summoned for testing anyone who had direct contact with affected people and places. The number of discovered related infections has risen to 76, including 39 women. In a press release,

  • Kingdom's Covid cluster cases jump to 194

    The Ministry of Health on February 25 confirmed 65 new cases of Covid-19, with 58 linked to the February 20 community transmission. The latest cluster cases include nine Vietnamese nationals, five Cambodians, one each from Korea, Singapore and Japan, with the rest being Chinese. This brings the total number

  • Cambodia's Covid cluster cases rise to 137

    The Ministry of Health on February 24 recorded 40 more cases of Covid-19, with 38 linked to the February 20 community transmission. Of the 40, two are imported cases involving Chinese passengers. The 38 include two Vietnamese nationals and one Cambodian, with the rest being Chinese. This brings the total cases

  • Covid cluster raises alarm, health bodies urge vigilance

    The Ministry of Health and the World Health Organisation (WHO) in Cambodia have expressed great concern over the February 20 cluster transmission of Covid-19 in the community. Both entities appealed for vigilance and cooperation in curbing further spread of the virus. Ministry spokeswoman Or Vandine said

  • PM confirms third Covid-19 community transmission

    Prime Minister Hun Sen on February 20 announced the Kingdom's third outbreak of Covid-19 community transmission after 32 people tested positive in just over 10 hours. Addressing the public from his residence after an emergency meeting, Hun Sen said: "I dub it February 20 Community Event, in which 32 cases

  • Cambodia to make auto-rickshaws

    Locally-assembled electric auto-rickshaws could hit the Cambodian market as soon as early in May after the Council for the Development of Cambodia (CDC) gave the greenlight to an investment project at the weekend. According to a CDC press release, it will issue a final registration