Governance
The Paracel project is run to the highest operational standards and has sophisticated corporate governance in place, including active stakeholders with extensive experience in both forestry and carbon, globally.
Similarly there is a highly experienced on-the-ground team with a proven track record delivering projects at scale – and a best-in-class carbon technical team with leading experience of our methodologies.
From its inception, Paracel has taken into account the environmental, social, and governance (ESG) factors and carbon benefits from the project – as illustrated by the carbon impact, reinvested revenue, and other ESG benefits factored into the project design.
The project is implementing ongoing, real-time carbon and biodiversity performance monitoring, to ensure compliance with the environmental impact assessment standards. It also makes it possible to certify the generation of carbon credits under Verra’s Verified Carbon Standards (VCS) and Climate, Community, & Biodiversity Standards (CCB).
Paracel has also been approved by the Forest Stewardship Council as operating in a sustainable manner; it guarantees trees are harvested responsibly, so there is no net loss of forest over time, as well as community and workers’ rights. As a result, products created by the Paracel sustainable pulp mill will be FSC-certified.
Leading global institutional investors and development banks are looking at financing Paracel, which would be a landmark achievement for a project of this nature. As part of that process, extensive due diligence has been conducted by leading industry bodies including those development banks – such as the IDB, DFC, and Sudameris.
The development banks, alongside independent consultants, reviewed the project and assessed Paracel against the highest available environmental and social standards, the IFC Performance Standards. Specifically, the inclusion of an Environmental and Social Action Plan (“ESAP”) demonstrates Paracel’s compliance with the IFC´s framework.
