New Asian nature-based developer to issue credits by 2025

Quantum Commodity Intelligence – An Asian nature-based solutions project developer set up last year by two carbon market veterans expects to issue its first carbon credits by 2025 as its team in the Philippines builds capacity, it announced on Thursday.

Singapore-based company ClearWind is led by Jim Procanik, who previously co-founded Indonesia's Rimba Raya REDD+ project, and Gabriel Eickhoff, who was behind Indonesian developer Forest Carbon and Singapore-based investment firm Lestari Capital.

Rimba Raya is one of the largest voluntary market projects worldwide and is widely regarded as 'premium quality' by buyers of carbon credits.

ClearWind now has 14 full-time staff at its Singapore headquarters, as well as offices in Indonesia, Thailand and the Philippines.

Its first scheme, 'Project Caraga', based in Eastern Mindanao, Philippines, and planned to be one of the largest REDD+ and ARR projects in Asia is now "well under way" with over 100 staff involved and 102 free, prior and informed consent (FPIC) consultations already completed, it said.

"More recently, ClearWind completed feasibility studies on two additional projects in Southeast Asia," the company said.

"Our work toward putting indigenous peoples front and center in the design and implementation of our projects will help transition our industry toward a more integrated, impactful, and reliable carbon market," it added.

Procanik told Quantum the company plans to register Caraga under US-based registry Verra's Verified Carbon Standard (VCS) for now, although it is also talking to authorities in the Philippines about Article 6 trading under the Paris Agreement on climate change.

The company secured $11.5 million in funding last September.