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Costa Rica creates carbon local market

Proposal allows acquire bonds to offset CO2 emissions

Initiative is part of the carbon neutral country strategy

September 11,2013.

From now on, companies and individuals can offset their carbon emissions by purchasing bonds that financed forestry projects, thanks to the formalization of the new Carbon Domestic Market.

President Laura Chinchilla and Environment Minister René Castro, yesterday signed Executive Order (DAJ-62-2012-MINAE) that creates the Board of carbon, a figure that will operate the new market.

This new carbon local market adds to the National Strategy Carbon Neutrality, which claims that the country has a low-carbon emissions in 2021.

For that year, and as projected by the Ministry of Environment (Minae), Costa Rica will emit 19 million tonnes of carbon. 75% of these will be absorbed by the forestry and agroforestry.

In this sense, carbon credit transactions, as part of the new market-to pump money into conservation projects and reforestation, aimed at the capture and storage of greenhouse gases (GHG), which contribute to climate change .

To date, the only entity authorized to receive money generated from the Rican compensation units (UCC)-carbon bonds issued under this market-is the National Forestry Financing Fund (Fonafifo). However, this will change when adding more projects as suppliers.

How can you acquire UCC? Under the National Standard of Carbon Neutrality (INTE -12-01-06-2011), the company measures its carbon footprint to quantify and define actions to reduce it to the fullest.

Any emissions that the company can not cut because it would affect their operation and productivity may be offset by purchasing UCC. Each UCC has a cost of $ 3 and equal to one ton of carbon dioxide.

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