Presentations came from Martin Schroeder of TÜV-SÜD, Johannes Ebeling of EcoSecurities, Ralph J Strebel of Carbon Conservation, Martin Berg of Merrill Lynch Commodities and Anna Lehmann of Sindicatum Carbon Capital.
Ralph J Strebel of Carbon Conservation and Martin Berg
of Merrill Lynch Commodities spoke about the Ulu Masen project in Aceh province in Indonesia
Merrill Lynch's Martin Berg explained why Merrill Lynch was involved in the Ulu Masen project.
Climate change is a global problem, he
told us, with between 18 and 20 per cent of emissions coming from forests.
The difference between REDD and afforestation projects is that REDD is reducing the source of emissions.
has "transaction experience", for example with carbon credits from wind power projects.
"We think this is the right project at the right time," Berg
According to Berg
, the Ulu Masen project will result in 3.4 million tons of avoided CO2 emissions per year over the 30 years of the project.
"We have included a 30% buffer of reserve credits, against leakage," he
During the questions, Martin Berg of Merrill Lynch mentioned a meeting taking place in London with a "form of steering committee" on the Ulu Masen project, including lawyers.
"The legal aspect of these projects is tricky," he
This may prove to be something of an understatement.
The seller has to have the legal right to sell the carbon credits from the project and there is no legal precedent for this.
No country in the world has any experience on proving legally that a seller has the right to sell carbon from forests, Berg
How international leakage is to be measured is a good question, he