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Costa Rica moves Forward on Local Carbon Market

The Costa Rica Minister of Environment and Energy announced that in the next few months the country will have a local carbon market with finance projects for reducing emissions.

Costa Rican Minister of Environment and Energy, René Castro, said in a statement that they have drawn a roadmap to create the carbon market, with a defined base price of $ 3 a “Costarricense Compensation Unit” (UCC ).

This unit is equivalent to one tonne of carbon dioxide (CO2) and functions as a title within the Voluntary Carbon Domestic Market of Costa Rica (MDVCC).

“The market will allow people, businesses and interest groups to provide or purchase, depending on your interest, carbon units to offset their emissions of greenhouse gases,” said the minister.

A company or individual may certify an environmental project and determine how many tons of CO2 decreases their activities and so cast the UCC for marketing.

According to Castro, this is part of efforts to strengthen environmental responsibility activities of Costa Rica led the country to become the world’s first carbon neutral by 2021.

To create the market, the Executive shall issue a Board via Carbon decree which shall enable the institutional system necessary for the voluntary carbon market works.

The objective of the authorities is to create the board later this year and in the future the UCC market abroad.

The Costa Rica News (TCRN
San Jose Costa Rica