WINDOW ROCK, Ariz., February 7, 2018 (Newswire.com) - The Resources and Development Committee approved Legislation No. 0017-18, directing the Navajo Nation Division of Natural Resources and its departments to initiate discussions with the Native American Venture Fund regarding the potential of carbon sequestration within Navajo Nation’s forests and grasslands.
The Native American Venture Fund promotes economic, social and governance development activities for indigenous tribes by providing long-term revenues. Its focus is on the management and preservation of millions of acres of forestry land for the purpose of carbon capture and carbon sequestration, according to their report.
The directive would start the process to establish a partnership with the Native American Venture Fund to initiate their Carbon Offset Program. The intent is to initiate a valuable conservation practice that will lead to carbon benefit by investing in an emission reduction project that produces carbon offsets. This would allow new economic development opportunity and to generate revenues for the Nation.
Council Delegate Seth Damon, Chairman Budget and Finance Committee, Navajo Nation
Carbon sequestration is the long-term storage of carbon in plants, soils, geologic formations and the ocean. Carbon sequestration refers to the storage of carbon that has potential to become carbon dioxide gas. In response to the growing concerns of climate change caused by increased carbon dioxide in the atmosphere, the storage of carbon would allow for offsets reduction of emissions of greenhouse gases, especially carbon dioxide.
Council Delegate Seth Damon (Bááháálí, Chichiltah, Manuelito, Tsé Lichíí’, Rock Springs, Tsayatoh), who sponsored the legislation, asked for the committee’s support to have NNDNR begin the process of creating a partnership with the Native American Venture Fund to potentially invest in carbon sequestration development. “The directive would start the process to establish a partnership with the Native American Venture Fund to initiate their Carbon Offset Program. The intent is to initiate a valuable conservation practice that will lead to carbon benefit by investing in an emission reduction project that produces carbon offsets,” said Delegate Damon. “This would allow new economic development opportunity and to generate revenues for the Nation.”
According to the Native American Venture Fund, investments would focus on the management and preservation of forestry land for the purpose of carbon caption/sequestration, which could qualify as a carbon offset/credit. Carbon offset is a reduction in emissions of carbon dioxide through projects like wind farms, planting trees or preserving forests, and it results in the generation of a carbon credit, which could be sold, traded or held.
RDC member Council Delegate Leonard H. Pete (Chinle) questioned if the project would be economically and financially feasible on the Nation and raised concerns on any potential environmental risks.
“Why was the Navajo Nation considered for this project and will the project cause any environmental risks on forests and grasslands? Also, have the areas been identified for the project?” asked Delegate Pete.
Delegate Damon stated that once NNDNR initiates the process with Native American Venture Fund, the forests and grasslands on the Navajo Nation would be identified. Overall, the carbon sequestration project would assist the Nation to rejuvenate and preserve forest areas for future generations and generate revenues through an eco-friendly practice, added Delegate Damon.
The Resources and Development Committee approved Legislation No. 0017-18 with a 4-0 vote and serves as the final authority for the bill.
About the Navajo Nation:
The Navajo Nation is a federally recognized Native American Tribe and is the largest land area retained by a Native American tribe. The Navajo Nation occupies portions of northeastern Arizona, southeastern Utah and northwestern New Mexico in the United States, with a population of roughly 340,000. The Navajo people's tradition of governance is rooted in their clans and oral history. For more information, please visit http://www.navajonationcouncil.org/ or contact:
Navajo Media Contacts:
Jared Touchin (928) 221-9253
Jolene Holgate (928) 380-4174
Crystalyne Curley (928) 286-7918
Elfonzo Nephew (505) 918-1269
About the Native American Venture Fund (NAVF):
The Native American Venture Fund is a socially responsible community revitalization fund and economic development organization that provides Native American communities with job creation, infrastructure, housing, education and an overall sustainable economy. NAVF Carbon Program promotes and develops carbon offset projects on tribal lands at NO COST TO THE TRIBAL NATION. NAVF finances all of the costs of such projects for Native American tribes and the tribes receive majority of all net proceeds from selling carbon credits that the ARB issues for such projects. NAVF has over 30 years of experience working with Native American and the First Nation Tribes on projects that promote economic development. NAVF works closely with leaders from Native American communities who promote reforestation, conservation and economic development. For more information, please visit http://www.navf.net or contact:
Native American Venture Fund LLC (NAVF)
30 Wall Street, 8th Floor
New York, NY 10005
Source: Native American Venture Fund