Manx Wildlife Trust (MWT) has announced it is part of the first Carbon Credit Project on the Isle of Man.
The initiative is taking place at The Crossags Fields, part of the MWT Hairpin Woodland Park.
Hansard Global plc, PDMS Ltd and Resilience Management (IOM) Ltd, are purchasing high intensity carbon credits produced by tree planting at the site which has helped to fund the purchase of the land and its future management.
Carbon Credit Project
The income generated by the carbon credits will be used to pay off low interest ‘green loan’ from Lloyds Bank International which was raised to purchase the land.
The objectives of this pilot project are the establishment and sustainable development of native woodland, carbon sequestration, biodiversity gain, engagement with local community and the creation of a public amenity space for all to enjoy.
The project, and the estimates for sequestered carbon, are based on the 50-year lifespan of the whole Crossags Fields project but, crucially, the site will be held in perpetuity by MWT for nature and people alike, becoming a wonderful addition to the landscape of our Isle of Man Biosphere.
The project is estimated to sequester over 3,000 tonnes of carbon over the first 50 years.
The carbon credits at both MWT Creg y Cowin Nature Reserve and The Crossags Fields are being verified by the Soil Association, using the UK Woodland Carbon Code.
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