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On June 2, 2009, ERA Carbon Offsets Ltd. (ERA) (TSX VENTURE:ESR) executed a Term Sheet with an established European Power Company for the purchase of 500,000 tonnes of Verified Emissions Reductions (VERs).
The transaction, which is subject to due diligence and entering a formal Verified Emissions Reductions Sales Agreement (VERSA), would deliver 300,000 tonnes of validated VERs in 2009, and 200,000 tonnes of VERs in 2010. The VERs being transacted will be validated and verified to the ISO 14064-2.
The VERs are being produced through ERA’s Community Ecosystem Restoration Program (CERP) which has been operational in the Lower Fraser Valley of British Columbia since September 2005. CERP is a large scale urban forest restoration program that began in the District of Maple Ridge in 2006, and now includes projects in the District of Mission, the City and Township of Langley, and Metro Vancouver. The CERP program is supported by the sale of carbon offset credits created through ERA’s reforestation endeavors in these degraded riparian land bases. The carbon offset credits are being registered with TZ1, an International Carbon Registry, and are being utilized by ethical organizations looking to reduce their carbon footprint and green their brand.
Dr. Robert Falls, CEO of ERA commented, “This transaction with a well established and progressive power company is further recognition of the importance of forest-based climate mitigation programs. We are at a critical juncture in the rapidly growing international carbon market, where carbon offset credits arising from forest restoration and protection are experiencing a groundswell of support and market activity.”
Dr. Falls further commented, “Healthy forests are the only viable way known to remove vast tonnages of carbon dioxide from the atmosphere – the world is now awakening to this fact and taking action. Our ability to source and develop international forest projects of high ecological and social value that address this need will ensure ERA remains a leader in forest carbon project development.”
About ERA Carbon Offsets Ltd.
ERA is a Canadian based pioneer in forest-based carbon offset programs and project development. Through its subsidiary, ERA Ecosystem Restoration Associates Inc., ERA produces significant, measurable carbon sequestration benefits that are validated and verified to international standards and sold to purchasers interested in offsetting their greenhouse gas footprints as a means of mitigating the effects of climate change. ERA is producing EcoNeutral
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