The project reached a new milestone in 2018 with approval of the first mangrove VCS initiative in Asia. After 2 years hard work with documentation and field activities, the internationally recognised validation institute VERRA awarded WIF the right to market 3,5 million tons carbon from the first restoration project started in 2015.
The amount valid for sale will gradually increase as the trees are growing, reaching its maximum in 20 years. Mangroves are the most effective carbon mitigating plants, up to 5 times more than terrestrial trees, storing most of the carbon permanently in the ground.
Our first trading partners were Cool Effect and Salesforce of USA. They have also booked carbon for 2019, in addition to Sundt Air and Bio8 of Norway. We see increasing interests for our high quality blue carbon project. This special value is due to high efficiency by mangroves, ocean protection, bio diversity and livelihoods/sustainable community development. A lot of the net income from carbon sale will be shared with partner communities. This will provide sustainable income for up to 100 years, as long as the forest is protected. This contributes significantly to meet over 100% increase in family income for the partner communities, including all UN Sustainable Development Goals while contributing to the Pris Climate Agreement
WIF is now ready to scale. Our goal is to plant 1 billion trees with the highest survival rate and cost efficiency. In parallel, available land for planting has been increased to 100,000 Ha in Myanmar in cooperation with the Forest Department, coastal communities and regional governments. Land negotiations for future expansion are in progress in several countries.