04-21-2008
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#5 (permalink)
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Creating
Location:
North of Sydney Australia
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Not Ranked
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+0 / -0
0 score
Re: Carbon credits
Quote:
This week, Merrill Lynch (MER, Fortune 500) announced that it will invest $9 million to help save a tropical forest in Aceh, Indonesia. It's the first time a Wall Street firm has invested in carbon farming, and let's be clear: this isn't philanthropy of public relations; it's strictly business.
In fact, the man who put the deal together to save the 1.9-million acre forest, called Ulu Masen, believes it could be a very big business. "It will be the biggest carbon project in the history of the world if we can pull it off," says Dorjee Sun, the 31-year-old founder of an Australian startup company called Carbon
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Speaking by phone from Jakarta, Dorjee Sun says he has pitched large-scale avoided deforestation projects to more than 200 banks, hedge funds, pension funds and conservation groups. He's working with governors in Indonesia and Brazil, and came to the U.S. last fall where he pitch deforestation projects to Howard Schultz of Starbucks and investor George Soros.
Sun, a former Internet entrepreneur, is frank about his motives. "The more hectares we manage, the more land we 'farm' carbon on, the more money we make," he says. "Our goal is to be the amazon.com of the Amazon." To top of pageConservation.
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Merrill Lynch's foray into carbon farming. - Apr. 18, 2008 |
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