October 21, 2010, Vancouver, British Columbia: ERA Carbon Offsets Ltd. (TSX¬-V: ESR) through its 100% owned subsidiary ERA Ecosystem Restoration Associates Inc, (ERA) is pleased to announce that it has executed a term sheet with the German-based company The Forest Carbon Group AG (FCG) for the sale of all Verified Emission Reductions (VERs) arising from the Denman Island project. This unique 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 Inc., ERA, and FCG. This arrangement involved the transfer of carbon rights associated with the private portion of the 750 hectares by North Denman Lands Inc. 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. 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.
The VERs will be validated and verified to the International Standard Organization’s 14064-2 standard and to either the Community, Climate and Biodiversity Alliance’s CCBA standard or to a mutually agreed upon equivalent standard. All VERs will be serialized and registered on the Markit Environmental Registry.
Holger Mayer, director of FCG, commented: “The rich biodiversity of B.C.’s forest ecosystems makes the province, and in particular the Pacific Coast, an ideal source of high-quality forest-based carbon offsets. And Denman Island is a “charismatic” project that has marketing appeal to our potential clients in Europe, because of its beauty and protection of biodiversity. We’re pleased to continue our partnership with ERA and contribute to the restoration of Denman Island’s natural environment.”
Dr. Robert Falls, ERA’s Chief Executive Officer, commented: “This agreement represents ground-breaking leadership in climate policy and environmental stewardship, using creative public – private partnerships. We wish to thank the Forest Carbon Group for seeing the value of the program, and the unique attributes of the carbon offsets that will be generated for the voluntary carbon market. The initiative and participation by North Denman Lands were essential to the success of this project. We also wish to recognize the Government of British Columbia for its forward-thinking resolve in facilitating climate mitigation solutions that provide multiple wins for the environment and for future generations.”
About The Forest Carbon Group AG.
The Forest Carbon Group works to protect and restore forests. Driven by the idea that ecology and economy should mutually benefit from one another, it invests in and co-develops large-scale forestry projects world-wide. These projects not only give value to forests’ ecosystem services but also have many social co-benefits that enable involved communities to create sustainable local economies. The Forest Carbon Group offers companies tailor-made solutions for becoming more sustainable and carbon neutral using the mechanisms of the voluntary carbon market. The full service approach includes identifying, developing and financing forestry projects, and providing guidance in marketing and communications to leverage the potential of companies’ sustainable investment. The Forest Carbon Group offers real, additional, and verifiable VERs that are approved and audited by internationally renowned third parties. Founded in 2009, the Forest Carbon Group consists of specialists with ma ny years’ experience in carbon markets, forestry, project development, marketing, communications and financing. The company’s headquarter is in Frankfurt, Germany.
Additional information on The Forest Carbon Group can be found at www.forestcarbongroup.ag or by contacting contact@forestcarbongroup.de
About ERA Carbon Offsets Ltd.
ERA is a Canadian pioneer in forest restoration and conservation carbon offset projects. The company’s Community Ecosystem Restoration Program located in the Lower Fraser Valley, British Columbia, began in 2005 in the District of Maple Ridge, and has grown to include five communities including Metro Vancouver. ERA has delivered over 1,000,000 tonnes of carbon offsets to the voluntary market and is engaged in the development of forest carbon projects in Canada, Africa and the Hawaiian Islands to supply international and North American voluntary and pre-compliance markets. ERA’s clients and product users include Air Canada, Catalyst Paper, HSE – Entega, Rolling Stone Magazine, Shell Canada Limited, The Forest Carbon Group, and The Globe Foundation of Canada. ERA’s carbon offsets are being validated to the ISO 14064, CCBA, and VCS standards.
Additional information on ERA can be found on the corporate website www.eracarbonoffsets.com or by contacting investor@eracarbonoffsets.com
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