Suriname takes the lead in selling carbon credits under the Paris Agreement. In its race to be the first country to sell carbon credits under a new Paris Agreement scheme, Suriname has set a price of $30 per credit in a bid to raise $144 million, according to the country’s environment minister.
During New York Climate Week 2023, Suriname made a groundbreaking announcement: it intends to sell the world’s first carbon credits under the Paris Agreement, specifically under Article 6. These carbon credits, known as Internationally Transferable Mitigation Outcomes (ITMOs), serve a dual purpose. They will aid developed countries that are struggling to meet their national climate commitments, helping them reach their targets. In return, these developed nations will provide climate financing to rainforest-rich countries that have exceeded their climate goals.
To assess global progress, a comprehensive stock take of each country’s climate pledges will occur at COP28 in Dubai this coming December. This stock take will determine if the world is making sufficient headway in combatting the climate crisis. Furthermore, ITMOs will be available for purchase by companies striving to achieve their net-zero emission targets.
Earlier in the same month, Suriname received validation from the United Nations for its REDD+ results. These results indicate that Suriname achieved 4.1 million emissions reductions in 2020 and an additional 4.8 million in 2021. Suriname plans to make its 2021 results available for sale as ITMOs, with the hope of selling them for $30 per ton of carbon dioxide equivalent (tCO2e). Marciano Dasai, Suriname’s Minister of Spatial Planning and Environment, conveyed this intention.
Notably, three other forest-rich nations are taking a cue from Suriname’s actions by offering millions of sovereign REDD+ units under the Paris Agreement. Honduras, Belize, and the Democratic Republic of Congo (DRC) are set to issue forestry units after 2020 within the UNFCCC REDD+ framework. Honduras, for instance, has announced its plan to issue 10 million REDD+ vintage 2021 and 2022 credits by December. Minister Lucky Medina reiterated that voluntary carbon projects, often referred to as REDD+, would remain banned in the country, emphasizing their commitment to prioritizing UN efforts. Honduras is dedicating $33 million per year to forest protection, involving 10% of its army in this endeavor.
Belize is also poised to release a minimum of 10 million units spanning the years 2021 to 2023. Vice-Minister for Climate Kenrick Williams confirmed this, citing the country’s internal assessments based on recent conservation efforts under the UN. Belize expects to offer the ITMOs by mid-2024, pending completion of the UNFCCC verification process.
In addition to these developments, Honduras was announced as the new country chair for CfRN (Coalition for Rainforest Nations) for 2024. An official signing ceremony took place with the President of Honduras, Xiomara Castro, Minister Lucky Medina, and Vice Minister Malcolm Stufkens. This was followed by an official handover ceremony at the CfRN offices, attended by the Papua New Guinea Environment Minister, Simon Kilepa, and Lucky Medina.
The Coalition for Rainforest Nations also signed a Memorandum of Understanding (MOU) with the Democratic Republic of Congo (DRC). DRC, home to the world’s second-largest forest reserves, expressed its intention to issue sovereign REDD+ units and sought support from CfRN to facilitate its participation in the UN REDD+ framework. The MoU was signed by Environment Minister Eve Bazaiba and Kevin Conrad, Executive Director of CfRN, during an official ceremony in New York. This collaboration aims to bolster DRC’s capacity and assist in the sale of its carbon credits.
Source: Earth Lanka
