Yueyang Forest & Paper subsidiary wins carbon sink project

Yueyang Forest & Paper (SSE:600963) announced today that its wholly-owned subsidiary, Chengtong Carbon Sink Management (Hunan) Co., Ltd., has won the bid for the Baise City Leye County forestry carbon sink cooperative development project. The project, located in Leye County, Guangxi, covers a total forest land area of 328.58 mu, of which 276 mu is forested. The project will focus on developing afforestation and forest management carbon sink projects eligible under national policies and the Chinese Certified Emission Reduction (CCER) scheme, with a 20-year cooperation term. Chengtong Carbon Sink will bear all development costs under a profit-sharing model. Yueyang Forest & Paper expects this project to positively impact its operating results and enhance its market influence in the carbon sink sector.