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CARBON Harvesting Corporation said it was “proud” to be associated with Liberia in a “ground-breaking” carbon trading initiative.
The contract to secure 400,000 hectares of virgin Upper Guinea Rainforest would have been the first of its kind in Africa.
Under the plans, firms with high carbon emissions would be able to offset that by buying virtual ‘credits’, which would preserve trees from being chopped down.
Carbon Harvesting Corporation would have acted effectively as the middleman between Liberia and the business or individual wishing to purchase credits.
Profits, less of administrative fees, would have been split equally.
Mr Foster said: “Developing nations occupy around 30% of the space but 60% of the resources, which makes the idea of carbon credits a valid business model.
“If we don’t cut the rainforests down then climate change can be averted by a third. If we could find a scheme to stop people cutting the trees down, then it becomes a product in itself.
“Certainly, it was a good idea and with my background and the contacts I had made it sense to go for it.
“Nobody had traded carbon in Africa before.”
By preventing deforestation, the rainforest would be protected, helping to mitigate the impact of climate change.
Mr Foster continued: “We want to be recognised as the leader for the harvesting, marketing and sale of carbon crops sourced from all around the world, but primarily virgin equatorial rainforest.”