Verra, a leading force in environmental integrity, has inked a Memorandum of Understanding (MOU) with the Ministry of the Environment of Panama (MiAMBIENTE) to aid the development of a national carbon market in Panama. This partnership will leverage Verra's expertise in carbon markets and standards to help Panama combat climate change more effectively.
The MOU will see the two organizations collaborating to analyze information-sharing options between Panama's National Registry of Mitigation Actions and the Verra Registry. The objective is to streamline the certification process for local projects under Verra’s Verified Carbon Standard (VCS) Program, thereby enhancing their effectiveness and scalability.
The agreement also encompasses training activities about the VCS Program, the VCS Jurisdictional and Nested REDD+ Framework (JNR), and the Verra Registry. These initiatives aim to improve understanding and competency regarding these standards and platforms, fostering a robust and transparent carbon market in Panama.
While initial training sessions will cater to Panama government representatives responsible for devising national carbon pricing tools, future topics may include VCS Agriculture, Forestry, and Other Land Use (AFOLU) methodologies. In addition, these sessions are expected to address the needs of project proponents and developers, prospective validation/verification bodies, buyers, retailers, and traders, providing a comprehensive understanding of the carbon market ecosystem.
All activities under the MOU will operate within the framework of Panama’s National Greenhouse Gas Compensation System. This move underscores both organizations' commitment to contributing to the fight against climate change while boosting Panama's local economy by creating a sustainable carbon market.
David Antonioli, Verra’s Chief Executive Officer, expressed his enthusiasm for the partnership, emphasizing its potential for advancing global climate action and sustainable development. “This MOU supports Panama in achieving its nationally determined contribution while catalyzing climate action on a global scale,” Antonioli said.
This collaboration is expected to bolster Panama's efforts to diminish greenhouse gas emissions and promote sustainable development. It also signifies a crucial step towards a global network of national carbon markets, potentially triggering a ripple effect of climate action worldwide.
Photo by Luis Aleman on Unsplash
