Local Businesses Collaborate with Manx Wildlife Trust on the Island’s First Carbon Credit Project | March 2023
27 March 2024
left to right: Leigh Morris, CEO, MWT; Greg Easton, MD, Resilience Asset Management; Emma Sayle, Sustainability Officer, Hansard; Bruce McGregor, PDMS Executive; Matthew Beresford, Island Director, Lloyds Bank International; Ben Tovell, Associate Director - ESG, KPMG and Charles Fargher, President of The Rotary Club of Douglas.
Hansard Global plc, PDMS Ltd and Resilience Management (IOM) Ltd are purchasing high integrity carbon credits produced by tree planting at the site which has helped to fund the purchase of the land and its future management. The income generated by the carbon credits will be used to pay off a 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. 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.
from left to right: Leigh Morris, CEO, MWT; Kas Haricharan from Hansard’s Green team; Simon Sheath, ESG/Carbon Consultant at KPMG; Chris Bell, Director of Resilience Asset Management; Michael Wrigley from Hansard’s Green team; Greg Easton, MD, Resilience Asset Management; Emma Sayle, Sustainability Officer, Hansard; Simon Harding from Hansard’s Green team; Bruce McGregor, PDMS Executive; Matthew Beresford, Island Director, and Nigel Cheesley, Director – ESG and Sustainability from Lloyds Bank International; Steve Hull, Climate Change Partner (Finance and Business), DEFA; Ben Tovell, Associate Director - ESG, KPMG; Howard Callow, The Rotary Club of Douglas; Andrew Swithinbank, Independent Chair of the HWP Partnership Group; Andree Dubbeldam, Conservation Officer, MWT; Charles Fargher, President of The Rotary Club of Douglas and Simon Cain, Chair of MWT.
To kick off the project, a tree planting session involving all the parties took place on Monday 18th March symbolising the commitment of all the stakeholders to environmental protection and improvement.
Leigh Morris, CEO of MWT said: ‘This is a landmark moment for MWT, and we believe the Isle of Man, as we launch our first ever in-island carbon credit project. In 2023 we launched our project at Creg y Cowin funded by Aviva, and I am delighted that we are now working with Isle of Man based businesses PDMS Ltd, Resilience Management (IOM) Ltd, and Hansard Global plc, with another, Lloyds Bank International, providing the financing. This pilot has been over two years in the making, and we have collectively learnt a great deal that we will use to inform the development of a carbon credit project that other businesses and individuals in the Isle of Man can buy-into, and directly contribute to our Island Biosphere’s climate change mitigation and biodiversity strategies. There is some speculation about carbon offsetting globally, but what we are now able to offer the Isle of Man, is high integrity carbon credits - real trees, in real fields, that you can even help to plant, and can visit at any time to see them grow and develop. Exciting times!’
The Crossags Fields are part of the wider MWT Hairpin Woodland Park project, a partnership project including Rotary Club of Douglas, DEFA and Milntown Estate which will encompass native woodland, wetlands, meadows, and a forest garden to showcase sustainability, wildlife, and carbon capture. The land purchase was also supported by a grant from the Manx Lottery Trust.
The site
This pilot project is a testament to the power of collaboration and the shared vision of the parties involved. Through their combined efforts, they aim to create a legacy of environmental stewardship and community engagement. MWT are now looking to establish more carbon credit projects in Island to support local businesses and the Island’s ambition to become carbon Net-Zero by 2050.