ABOUT US
To best meet IPCC 2100 goals, growing trees need to be left in the ground until at least that time. They also need to be carbon positive for some of that time and never turn carbon negative. The only exception to this is felling trees where necessary to protect the health or maximise carbon storage of a forest.
Capture without proof of legal and silviculture longevity to 2100 provides no certainty of benefit to the planet. This contrasts with the certainty that GHG emissions will remain in the atmosphere for long periods (GWP 100). Only a deed of encumbrance against felling, given in a high rule of law country, can provide that level of certainty.
Raising the Standard
Stakeholders
PFS will have an internationally recognised VVB as a validator and third party certifier. PFS currently retains SGS for validation and verification services.
PFS’ settlement agent, document repository and platform operator will be MUFG Pension and Market Services NZ Ltd. MUFG is Japan’s the largest commercial bank.
PFS currently has granted Tāmata Hauhā Limited the ability to introduce Māori Iwi owned Forests for certification.
Mission
PFS’ mission statement is first to benefit New Zealand foresters, including Iwi (indigenous forest owners), by facilitating nature-based solutions, validated by SGS to ISO and to the principles and essential requirements of the UNFCCC Supervisory Body’s methodologies, including proven long-term permanence, and complying with IC-VCM Core Carbon Principles. In doing so to provide buyers of such nature-based solutions with the best protection against successful greenwashing and regulatory attacks; the ability to meet ESG goals, to comply with climate reporting standards and to enjoy the economic benefits of proving to consumers, shareholders, and other stakeholders including supply-chain partners, that emitters not only say they care about climate change but can prove they do.
Governance
Governance of projects is represented in the chart below. The PFS Board of Directors is responsible for the overall direction of the company and subject to the duties, including fiduciary duties, imposed on New Zealand company directors by Part 8 of the Companies Act 1993 (NZ). Board meetings are held at regular intervals and minutes approved and kept.
Answering to the Board of Directors is the CEO who is also responsible for the PFS staff team as well as discharge of various functions imposed on the CEO by the PFS Operating Manual. The CEO is not a board member. The CEO makes decisions in accordance with Board decisions or directives and as required by the PFS Operations Manual or applicable PFS-IBs. The CEO also has residual powers in relation to matters than have not been determined by the Board and would not be expected to be.
Neither the CEO nor the Board can override the decisions of any independent panel appointed to assess and verify a forest for issue of carbon credits.
To the maximum extent possible, with safeguards for discharge of fiduciary obligations, PFS contracts out to professional bodies and other entities who have statutory appointment or control, all legal and scientific matters, as well as the verification of applications received by PFS. Such applications are dealt with by an independent panel which includes registered forestry advisors, as well as forest project managers who must be from an approved list of major New Zealand forestry manages. The PFS special projects manager operates as a liaison between PFS, the independent panel assessing and approving applications for verification, and SGS as the third-party verifier.
Financial Statements
A copy of our annual financial statements is available on request.