Verra has signed a Memorandum of Understanding (MOU) with the National Council for Climate Change and Clean Development Mechanisms of the Dominican Republic, which now has changed its name to the National Council for Climate Change and Carbon Market (CNCCMC), to implement capacity-building and knowledge-sharing activities related to carbon markets.
The planned activities include training sessions on carbon markets, the role of Verra’s standards programs in supporting these markets, and the process of registering projects with Verra’s Verified Carbon Standard (VCS) Program.
In addition, under the MOU, Verra and the CNCCMC will initiate discussions about the possibility for the Dominican Republic to use carbon credits generated by domestic VCS projects as internationally transferred mitigation outcomes (ITMOs) under Article 6.2 of the Paris Agreement. The Dominican Republic and Sweden have entered into an agreement that covers such bilateral climate cooperation and that would enable the trade of ITMOs between the two countries.
The signing of this MOU is part of Verra’s efforts to support national and subnational governments in advancing their environmental commitments toward the goals of the Paris Agreement.