Verra approves first PNG cookstove project under VCS: developer
Quantum Commodity Intelligence – Verra has approved the first carbon finance cookstoves project in Papua New Guinea (PNG) under its Verified Carbon Standard (VCS), the developer said Thursday.
Tasman Environmental Markets (TEM) said the project, VCS4416, is not only the country's first cookstoves scheme, but also the first approved under the US registry's revised methodology VMR0006, released last July.
"TEM continues to work with the PNG and Singapore governments to finalise approval of the project under the PNG-Singapore Implementation Agreement," the company said in a statement.
Singapore integrated the voluntary carbon market into its compliance carbon tax from the start of this year, allowing companies to use offsets, under certain conditions, to cover up to 5% of their taxable emissions.
Currently, PNG is the only country eligible to host projects to deliver credits to the Singapore carbon tax scheme, although more are expected to follow.
Australia-based TEM, which operates in both voluntary and compliance markets, said it plans to begin the first phase of the project in PNG's Southern Highlands Province in the coming months.
The company aims to distribute, at no cost, over 100,000 improved cookstoves to local communities and expand across the country, where over 80% of all households still rely on indoor open fire cooking.
"By bringing this clean cooking technology, it is estimated to avoid near 3 million tonnes of CO2 over 10 years, along with achieving significant health and environmental benefits, TEM said.
According to Verra's registry, the project has annual estimated emissions reductions of 299,206 tonnes of CO2 equivalent, with an initial crediting period running from January 1, 2024 to December 31, 2033.
The registry lists a second PNG cookstoves project, VCS4326 from C-Quest Capital Stoves as currently under validation.
TEM said it is partnering with Western Pacific University in the Southern Highlands Province to help implement the project and develop environmental and sustainability activities.
Meanwhile, EKI Energy Services announced Thursday the registration of an improved biomass cookstove project under Verra's Sustainable Development Verified Impact Standard (SD Vista) in India that will deliver 9.45 million carbon credits.
The India-based developer said the project aims to distribute enhanced efficiency cookstoves in the states of Chhattisgarh, Rajasthan, Maharashtra, Gujarat, Madhya Pradesh and Bihar to rural and "economically disadvantaged" households.
The project is expected to reduce greenhouse gas emissions on average of 5.4 tonnes of carbon dioxide equivalent (tCO2e) a year per cookstove and 2,700,000 tCO2e each year over the project's crediting period. Further, it is projected to generate Verified Carbon Units (VCUs) over its lifespan.
"It is the first-ever project in India and Asia registered and verified under SD VISta contributing to 10 SDG [Sustainable Development Goals] parameters," the company said.
EKI said more than 800 million people in India still use mud stoves and the biogas cookstoves provide an affordable alternative to communities that cannot afford more expensive LPG or electric stoves.
