7 Jun 2005

PNG offers greenhouse gas credits

3:17 pm on 7 June 2005

Papua New Guinea has initiated moves for the first time to sell its carbon dioxide emission permits to international buyers.

In a landmark signing of a memorandum of understanding, the PNG government has engaged local merchant bank, Pacific Capital Limited, to spearhead negotiations to sell the country's carbon dioxide emission permits.

The permits will be sold to developed countries, in particular so that they can stay in compliance with their countries' Kyoto Protocol commitments.

The Protocol is part of a global effort to bring down the overall emission of greenhouse gas emissions to a set level.