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Forestry owners cashing in on carbon credits

New Zealand forestry owners have begun cashing in their carbon credits.

Southland-based Independent Forestry Services has secured a multi-million dollar carbon credit deal with an unnamed European Government, for a number of small and medium sized forest owners.

Canterbury-based Permanent Forest International has also sold carbon credits to the Danish Energy Agency for an undisclosed sum. Managing director Mark Belton says it is hard to tell exactly how much money forestry owners have made, because the transaction price is confidential. However, he says about a million units have already been sold to Norway.

Belton says New Zealanders hold around 2.6 billion dollars worth of carbon credits, but he doubts all of them will be sold. — NewsTalk