In a dramatic overhaul at Nickel 28 Capital Corp., the board has ousted three top executives following a rigorous internal investigation.
The shake-up at the nickel-cobalt producer saw CEO Anthony Milewski, President Justin Cochrane, and CFO Conor Kearns dismissed for serious breaches of conduct and policy non-compliance, sending shockwaves through the corporate ranks.
Nickel 28 shares soared 18% on the news of the termination in early trading on May 6th.
- Cochrane and Milewski are founders of a research and consulting group
- Milewski was the original CEO of Carbon Streaming Corp before Cochrane became the CEO in late 2020.
- Kearns is the current CFO of Carbon Streaming Corp under CEO Justin Cocrhane
- Maurice Swan, Board Member of Nickel 28, is also the Chairman of Carbon Streaming Corp.
The firings, effective after the close of business on May 3, 2024, were announced following findings from an independent special committee formed in early December 2023. This committee was tasked with examining the executives’ adherence to insider-trading, expense policies, and the code of business conduct and ethics.
Their investigation revealed misconduct including breaches of duty, poor judgment, and various violations of Nickel 28’s internal policies. None of the company’s findings have been proven in court.
Dismissed Executives Justin Cochrane, Conor Kearns and Board Member Maurice Swan’s ties to Carbon Streaming Corp.
Amid the upheavals at Nickel 28, the connections between ousted executives and other industry entities have come under scrutiny.
Notably, Conor Kearns, the former CFO, along with Justin Cochrane, the ousted president, and Nickel 28 board member Maurice Swan, are all known to have ties with Carbon Streaming Corp., a firm specializing in carbon credits and streams.
This involvement raises questions about potential conflicts of interest and the integrity of their professional judgments in their roles at Nickel 28, and now, potentially Carbon Streaming.
The overlap in executive roles between different corporations is a common practice but invites a closer examination of governance and ethical standards, especially in light of the recent findings of misconduct at Nickel 28. Maurice Swan is Director of Nickel 28, and current Chairman of Carbon Streaming. Swan was the former Chair of the Compensation Committee at Carbon Streaming until he stepped down late in 2023.
Such relationships are particularly relevant as they could influence decision-making processes and strategic directions not only at Nickel 28 but across the broader business spectrum where these individuals hold influence.
- Carbon Streaming has come under fire recently from activist shareholder groups for executive compensation and G&A spending.
- The company promoted a new CEO in June 2023, before he resigned after only 3 weeks on the job – and Cochrane retook the position.
Investigation and Findings
The special committee’s investigation at Nickel 28 delved into historical compensation arrangements and the compliance of these senior figures with the company’s insider-trading, expense policy, and code of business conduct and ethics. It also examined potential conflicts of interest and related party transactions involving company insiders and key employees.
Their thorough review culminated in an unanimous recommendation to the board to terminate the implicated executives for cause. The board, accepting these recommendations, has also reserved all rights to initiate legal proceedings to recover losses and gains obtained through the executives’ alleged misconduct. However, they noted that these findings are not expected to materially impact the company’s prior financial statements.
Immediate and Future Leadership Changes
In response to the leadership vacuum, the board acted swiftly to appoint Christopher S. Wallace as the interim CEO. Wallace, a current board member known for his extensive experience in leadership and finance within the critical-minerals industry, is expected to steer the company through this turbulent period.
Additionally, Brett Richards, another board member with over 37 years in the mining and metals industry, will provide consultancy services to assist with the transition.
Martin Vydra, Executive Vice-President of Strategy, and Craig Lennon, Head of Asia-Pacific, will continue in their roles, ensuring operational continuity.
Company Outlook and Strategic Vision
Despite these significant upper-management upheavals, Nickel 28 reassures stakeholders that its core strategic vision and objectives remain steadfast. The board and the continuing leadership team are committed to upholding the highest standards of integrity, transparency, and accountability in all operations.
Nickel 28 Capital, known for its 8.56-percent joint venture interest in the producing, long-life, and world-class Ramu nickel-cobalt operation located in Papua New Guinea, continues to be a pivotal player in the nickel and cobalt markets. These metals are critical for the burgeoning electric vehicle sector, underscoring the company’s strategic importance.
In addition to Ramu, Nickel 28 manages a portfolio of 10 nickel and cobalt royalties on development, prefeasibility, and exploration projects across Canada, Australia, and Papua New Guinea.
Implications for Stakeholders
The abrupt leadership changes and the circumstances leading to them could stir investor concerns regarding governance and oversight within Nickel 28. However, the board’s proactive stance in addressing these issues and setting a course for robust oversight and transparent management practices might help in stabilizing trust among investors and partners.
As the company navigates through these changes, the outcomes of any legal actions and future disclosures related to the termination of the senior executives will be closely watched by shareholders and industry analysts alike.
The full details of the impact of these terminations will be disclosed in the company’s future continuous disclosure filings, including its 2025 management information circular, ensuring that stakeholders are kept fully informed.
The coming months will be critical for Nickel 28 as it seeks to maintain its operational integrity and market position amidst these internal challenges. With a renewed leadership team at the helm, the company aims to navigate through these turbulent waters, reaffirming its commitment to best practices and shareholder value.
The post Nickel 28 Capital Ousts CEO Anthony Milewski and President Justin Cochrane in Leadership Purge Over Misconduct appeared first on Carbon Credits.
Carbon Footprint
Climate Impact Partners Unveils High-Quality Carbon Credits from Sabah Rainforest in Malaysia
The voluntary carbon market is changing. Buyers are no longer focused only on large volumes of cheap credits. Instead, they want projects with strong science, long-term monitoring, and clear proof that carbon has truly been removed from the atmosphere. That shift is drawing more attention to high-integrity, nature-based projects.
One project now gaining that spotlight is the Sabah INFAPRO rainforest rehabilitation project in Malaysia. Climate Impact Partners announced that the project is now issuing verified carbon removal credits, opening access to one of the highest-quality nature-based removals currently available in the global market.
Restoring One of the World’s Richest Rainforest Ecosystems
The project is located in Sabah, Malaysia, on the island of Borneo. This region is home to tropical dipterocarp rainforest, one of the richest forest ecosystems on Earth. These forests store huge amounts of carbon and support extraordinary biodiversity. Some dipterocarp trees can grow up to 70 meters tall, creating habitat for orangutans, pygmy elephants, gibbons, sun bears, and the critically endangered Sumatran rhino.
However, the forest within the INFAPRO project area was not intact. In the 1980s, selective logging removed many of the most valuable tree species, especially large dipterocarps. That caused serious ecological damage. Once the key mother trees were gone, natural regeneration became much harder. Young seedlings also had to compete with dense vines and shrubs, which slowed the forest’s recovery.
To repair that damage, the INFAPRO project was launched in the Ulu-Segama forestry management unit in eastern Sabah.
- The project has restored more than 25,000 hectares of logged-over rainforest.
- It was developed by Face the Future in cooperation with Yayasan Sabah, while Climate Impact Partners has supported the project and helped bring its credits to market.
Why Sabah’s Carbon Removals are Attracting Attention
What makes Sabah INFAPRO different is not only the size of the restoration effort. It is also the way the project measured carbon gains.

Many forest carbon projects issue credits in annual vintages based on year-by-year growth estimates. Sabah INFAPRO followed a different path. It used a landscape-scale monitoring system and waited until the forest moved through its strongest natural growth period before issuing removal credits.
- This approach gives the credits more weight. Rather than relying mainly on short-term annual estimates, the project measured carbon sequestration over a longer period. That helps show that the forest delivered real, sustained, and measurable carbon removal.
The scientific backing is also unusually strong. Since 2007, the project has maintained nearly 400 permanent monitoring plots. These plots have allowed researchers, independent auditors, and technical specialists to observe the full growth cycle of dipterocarp forest recovery. The result is a large body of field data that supports carbon calculations and strengthens confidence in the credits.
In simple terms, buyers are not just being asked to trust a model. They are being shown years of direct forest monitoring across the project landscape.
Strong Ratings Support Market Confidence
Independent assessment has also lifted the project’s profile. BeZero awarded Sabah INFAPRO an A.pre overall rating and an AA score for permanence. That places the project among the highest-rated Improved Forest Management, or IFM, projects in the world.
The rating reflects several important strengths. First, the project has very low exposure to reversal risk. Second, it has a long and stable operating history. Third, its measured carbon gains align well with peer-reviewed ecological research and independent analysis.
These points matter in today’s market. Buyers have become more cautious after years of debate over the quality of some forest carbon credits. As a result, they now look more closely at durability, transparency, and third-party validation. Sabah INFAPRO’s rating helps answer those concerns and makes the project more attractive to companies looking for credible carbon removal.
The project is also registered with Verra’s Verified Carbon Standard under the name INFAPRO Rehabilitation of Logged-over Dipterocarp Forest in Sabah, Malaysia. That adds another level of market recognition and verification.
A Wider Model for Rainforest Recovery
Sabah INFAPRO also shows why high-quality nature-based projects are about more than carbon alone. The restoration effort supports broader ecological recovery in one of the world’s most important rainforest regions.
Climate Impact Partners said it has worked with project partners to restore degraded areas, run local training programs, carry out monthly forest patrols, and distribute seedlings to support rainforest recovery beyond the project boundary. These efforts help strengthen the wider landscape and expand the project’s environmental impact.
That broader value is becoming more important for buyers. Companies increasingly want projects that support biodiversity, ecosystem health, and local engagement, along with carbon removal. Sabah INFAPRO offers that mix, making it a stronger fit for the market’s shift toward higher-integrity credits.

The post Climate Impact Partners Unveils High-Quality Carbon Credits from Sabah Rainforest in Malaysia appeared first on Carbon Credits.
Carbon Footprint
Bitcoin Falls as Energy Prices Rise: Why Crypto Is Now an Energy Market Story
Bitcoin’s recent drop below $70,000 reflects more than short-term market pressure. It signals a deeper shift. The world’s largest cryptocurrency is becoming increasingly tied to global energy markets.
For years, Bitcoin has moved mainly on investor sentiment, adoption trends, and regulation. Today, another force is shaping its direction: the cost of energy.
As oil prices rise and electricity markets tighten, Bitcoin is starting to behave less like a tech asset and more like an energy-dependent system. This shift is changing how investors, analysts, and policymakers understand crypto.
A Global Power Consumer: Inside Bitcoin’s Energy Use
Bitcoin depends on mining, a process that uses powerful computers to verify transactions. These machines run continuously and consume large amounts of electricity.
Data from the U.S. Energy Information Administration shows Bitcoin mining used between 67 and 240 terawatt-hours (TWh) of electricity in 2023, with a midpoint estimate of about 120 TWh.

Other estimates place consumption closer to 170 TWh per year in 2025. This accounts for roughly 0.5% of global electricity demand. Recently, as of February 2026, estimates see Bitcoin’s energy use reaching over 200 TWh per year.
That level of energy use is significant. Global electricity demand reached about 27,400 TWh in 2023. Bitcoin’s share may seem small, but it is comparable to the power use of mid-sized countries.
The network also requires steady power. Estimates suggest it draws around 10 gigawatts continuously, similar to several large power plants operating at full capacity. This constant demand makes energy costs central to Bitcoin’s economics.
When Oil Rises, Bitcoin Falls
Bitcoin mining is highly sensitive to electricity prices. Energy is the highest operating cost for miners. When power becomes more expensive, profit margins shrink.
Recent market movements show this link clearly. As oil prices rise and inflation concerns persist, energy costs have increased. At the same time, Bitcoin prices have weakened, falling below the $70,000 level.

This is not a coincidence. Studies show a direct relationship between Bitcoin prices, mining activity, and electricity use. When Bitcoin prices rise, more miners join the network, increasing energy demand. When energy costs rise, less efficient miners may shut down, reducing activity and adding selling pressure.
This creates a feedback loop between crypto and energy markets. Bitcoin is no longer driven only by demand and speculation. It is now influenced by the same forces that affect oil, gas, and power prices.
Cleaner Energy Use Is Growing, but Fossil Fuels Still Matter
Bitcoin’s environmental impact depends on its energy mix. This mix is improving, but it remains uneven.
A 2025 study from the Cambridge Centre for Alternative Finance found that 52.4% of Bitcoin mining now uses sustainable energy. This includes both renewable sources (42.6%) and nuclear power (9.8%). The share has risen significantly from about 37.6% in 2022.
Despite this progress, fossil fuels still account for a large portion of mining energy. Natural gas alone makes up about 38.2%, while coal continues to contribute a smaller share.

This reliance on fossil fuels keeps emissions high. Current estimates suggest Bitcoin produces more than 114 million tons of carbon dioxide each year. That puts it in line with emissions from some industrial sectors.
The shift toward cleaner energy is real, but it is not complete. The pace of change will play a key role in how Bitcoin fits into global climate goals.
Bitcoin’s Climate Debate Intensifies
Bitcoin’s growing energy demand has placed it at the center of ESG discussions. Its impact is often measured through three key areas:
- Total electricity use, which rivals that of entire countries.
- Carbon emissions are estimated at over 100 million tons of CO₂ annually.
- Energy intensity, with a single transaction using large amounts of power.

At the same time, the industry is evolving. Mining companies are adopting more efficient hardware and exploring new energy sources. Some operations use excess renewable power or capture waste energy, such as flare gas from oil fields.
These efforts show progress, but they do not fully address the concerns. The gap between Bitcoin’s energy use and its environmental impact remains a key issue for investors and regulators.
- MUST READ: Bitcoin Price Hits All-Time High Above $126K: ETFs, Market Drivers, and the Future of Digital Gold
Bitcoin Is Becoming Part of the Energy System
Bitcoin mining is now closely integrated with the broader energy system. Operators often choose locations based on access to cheap or excess electricity. This includes areas with strong renewable generation or underused energy resources.
This integration creates both opportunities and challenges. On one hand, mining can support energy systems by using power that might otherwise go to waste. It can also provide flexible demand that helps stabilize grids.
On the other hand, it can increase pressure on local electricity supplies and extend the use of fossil fuels if cleaner options are not available.
In the United States, Bitcoin mining could account for up to 2.3% of total electricity demand in certain scenarios. This highlights how quickly the sector is scaling and how closely it is tied to national energy systems.
Energy Markets Are Now Key to Bitcoin’s Future
Looking ahead, the connection between Bitcoin and energy is expected to grow stronger. The network’s computing power, or hash rate, continues to reach new highs, which typically leads to higher energy use.
Electricity will remain the main cost for miners. This means Bitcoin will continue to respond to changes in energy prices and supply conditions. At the same time, governments are starting to pay closer attention to crypto’s environmental impact, which could shape future regulations.

Some forecasts suggest Bitcoin’s energy use could rise sharply if adoption increases, potentially reaching up to 400 TWh in extreme scenarios. However, cleaner energy systems could reduce the carbon impact over time.
Bitcoin is no longer just a financial asset. It is also a large-scale energy consumer and a growing part of the global power system.
As a result, understanding Bitcoin now requires a broader view. Energy prices, electricity markets, and carbon trends are becoming just as important as market demand and investor sentiment.
The message is clear. As energy markets move, Bitcoin is likely to move with them.
The post Bitcoin Falls as Energy Prices Rise: Why Crypto Is Now an Energy Market Story appeared first on Carbon Credits.
Carbon Footprint
LEGO’s Virginia Factory Goes Big on Solar as Net-Zero Push Speeds Up
The post LEGO’s Virginia Factory Goes Big on Solar as Net-Zero Push Speeds Up appeared first on Carbon Credits.
-
Greenhouse Gases7 months ago
Guest post: Why China is still building new coal – and when it might stop
-
Climate Change7 months ago
Guest post: Why China is still building new coal – and when it might stop
-
Greenhouse Gases2 years ago嘉宾来稿:满足中国增长的用电需求 光伏加储能“比新建煤电更实惠”
-
Climate Change2 years ago
Bill Discounting Climate Change in Florida’s Energy Policy Awaits DeSantis’ Approval
-
Climate Change2 years ago嘉宾来稿:满足中国增长的用电需求 光伏加储能“比新建煤电更实惠”
-
Climate Change Videos2 years ago
The toxic gas flares fuelling Nigeria’s climate change – BBC News
-
Carbon Footprint2 years agoUS SEC’s Climate Disclosure Rules Spur Renewed Interest in Carbon Credits
-
Renewable Energy5 months agoSending Progressive Philanthropist George Soros to Prison?







