The Great Bear Carbon Credit Corporation was established in 2011 to manage the carbon offsets resulting from the creation of conservancies through Land Use Objectives with First Nations and the Province of British Columbia, which were finalized in 2016 in the Great Bear Rainforest Agreement. The corporation manages the Great Bear Forest Carbon Project, which reduces greenhouse gas emissions by preserving forests in First Nation Traditional Territories, and manages the sales of the GREAT BEARTM,OM Carbon Credits generated by that conservation.
The Great Bear Carbon Credit Corporation manages the annual audit of the Great Bear Forest Carbon Project and sells GREAT BEARTM,OM Carbon Credits generated by the Great Bear Forest Carbon Project to companies wanting to reduce their environmental impact. The corporation has negotiated major agreements with government agencies and smaller sales to a number of companies.
History and Governance
The Coastal First Nations have negotiated and signed four agreements that allow the effective management and trade of carbon credits. These include:
- The Atmospheric Benefit Sharing Agreement, re-negotiated in 2016 with the Province of British Columbia, which allows Coastal First Nations to use atmospheric benefits for socio-economic gain
- The Offset Purchase Agreement, signed in 2015, which allows for the purchase of 2.89 million tonnes of carbon credits over six years
- The Carbon Credit Transfer Agreement, signed in 2016, which authorizes the Great Bear Carbon Credit Corporation to market and sell carbon credits
- The Great Bear Initiative Society Atmospheric Benefit Sharing Agreement, signed in 2016, which allows the proceeds from the sale of a portion of additional carbon credits to benefit land and marine use projects
The Great Bear Carbon Credit Corporation is a general partner of the Great Bear Carbon Credit Limited Partnership, of which the members of Coastal First Nations are unit-holders. Management services are undertaken by a board of directors and by contract with the Great Bear Initiative Society.
The Great Bear Carbon Credit Corporation is a subsidiary of the Great Bear Business Corporation and all use of the GREAT BEAR mark by the Great Bear Carbon Credit Corporation is under license from the Great Bear Business Corporation.