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We are pleased to present the second quarterly “Data & Insights” brief for Colombia which covers updated cumulative data on VCS activity in the country through September 2020, including on project status, project types, as well as VCU issuances and retirements (for both voluntary and compliance purposes).
As the rest of the world, Colombia still finds itself in the midst of an unprecedented pandemic which has impacted all economic sectors. While the voluntary carbon markets have not been immune to these circumstances, the development of new VCS projects in Colombia as well as VCU issuances and retirements seem to continue reflecting the upward trends we saw before the onset of the pandemic.
Main Takeaways
Significant increase in issuances and retirements between Q2 and Q3 of 2020
Between Q2 and to Q3 of 2020, VCU issuances and retirements increased significantly, at least in part due to projects completing validation and verification during Q2.
New VCS projects continue to be developed at a steady pace
More than half of VCS projects in Colombia are in the AFOLU sector (56% or 33 projects compared to 17 projects at the end of Q2). This comes as no surprise since the country’s AFOLU sector holds great potential for generating carbon credits and these activities also generate a number of co-benefits for local communities and biodiversity.
AFOLU projects continue to dominate
The year 2018 saw the highest number of VCU issuances so far, more than 9 million tons have been issued and retired in Colombia, an increase of 16% compared to 2019.
REDD + projects continue to be the fastest growing category
Most of the AFOLU projects in Colombia (23 projects or 67%) are REDD+ projects which continue to contribute the vast majority of VCU issuances of all AFOLU projects (holding steady at 97%).
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Nos complace presentar la actualización trimestral de los Datos y Análisis con un enfoque en Colombia en el cual cubrimos datos actualizados a Septiembre de 2020, sobre VCS en el país. En esta oportunidad incluimos datos sobre el estado de los proyectos, el tipo de proyectos y las emisiones y retiros de VCUs (tanto para mercados voluntarios como regulados).
Al igual que el resto del mundo, Colombia se encuentra en medio de una pandemia sin precedentes, la cual ha impactado todos los sectores económicos. Si bien los mercados voluntarios no han sido inmunes a estas circunstancias, el desarrollo de proyectos en el país, así como las emisiones y retiros, parecen mantener una tendencia al alza, la cual ya estábamos evidenciando antes del inicio de la pandemia.
Principales hallazgos
Se siguen desarrollando proyectos VCS a un ritmo constante
Desde nuestra última actualización (Q2 2020), cuatro nuevos proyectos REDD+ han aplicado al registro dentro del programa VCS, indicando que la demanda de compensaciones continúa y genera inversiones en acciones de mitigación.
Los proyectos AFOLU siguen dominando
Más de la mitad de los proyectos VCS en Colombia, se encuentran en el sector AFOLU (56% o 33 proyectos, comparado con los 17 reportados al final del segundo trimestre). Esto no es una sorpresa, ya que el sector AFOLU tiene un gran potencial en el país para la generación de créditos de carbono, además estas actividades también generan co-beneficios para las comunidades locales y la biodiversidad.
Los proyectos REDD+ siguen siendo la categoría con mayor crecimiento en el país.
La mayoría de los proyectos AFOLU (23 o 67%) son proyectos REDD+, los cuales además representan la mayor parte de las VCU emitidas por proyectos AFOLU (se mantienen en el 97%). Estos proyectos fortalecen la gobernanza de las comunidades indígenas y afro-colombianas, además de apoyar sus modos de vida.
VCS Data and Insights: Colombia - Q3/2020
PROJECTS
This chart includes cumulative data about VCS projects in Colombia.
| Project |
Total |
| Under Development |
11 |
| Under Validation |
5 |
| Registration Requested |
6 |
| Registered |
36 |
| Transferred* |
1 |
*Projects whose credits were transferred from another GHG program
Project Types
| Project |
Total |
| AFOLU* |
33 |
| Energy |
22 |
| Manufacturing |
2 |
| Waste |
2 |
*Agriculture, Forestry, and Land Use
AFOLU Project Types
Afforestation, Restoration, Reforestation
| Project |
Total |
| Afforestation, Restoration, Reforestation |
10 |
| REDD+ |
22 |
| Blue Carbon |
1 |
32,016,851 Expected Annual Reductions from All Projects in Colombia
Summary Totals to Date
VCU Issuances* (Total to Date)
*One VCU represents one tonne of carbon dioxide equivalent that was removed from the atmosphere or not emitted.
Greenhouse gas equivalencies for emission reductions and removals were calculated using the EPA Greenhouse Gas Equivalencies Calculator
504,725,926
VCUs Globally (& equivalent)
109,042,790
cars taken off the road
for a year
21,993,543 VCUs from Projects in Colombia
Hover with your cursor over the bar to see what these emission reductions are equivalent to
VCU Issuances by Year
*The Colombian carbon tax was implemented at the end of 2016.
**as of 30 September, 2020
VCU Issuances by Project Type
| Project Type |
VCUs |
| AFOLU* |
21,560,828 |
| Energy |
412,993 |
| Waste |
19,722 |
*Agriculture, Forestry, and Land Use
VCU Issuances by AFOLU* Project Type
| Project Type |
VCUs |
Percentage of Total |
| REDD |
20,954,604 |
97.2% |
| ARR |
606,224 |
2.8% |
ALM – Agricultural Land Management
ARR – Afforestation, Reforestation and Revegation
IFM – Improved Forest Management
REDD – Reducing Emissions from Deforestation and Forest Degradation
WRC – Wetland Restoration and Conservation
*AFOLU – Agriculture, Forestry and Other Land Use
Retirements
VCUs that have been purchased and taken off the market forever; a retired VCU represents a carbon offset.
19,759,570 VCUs
4,268,928
cars taken off the road
for a year
1,723,658 VCUs Retired for Voluntary Purposes
17,899,571 VCUs Retired for Compliance Purposes
Latest Trends
Issuances for Q2 of 2020
17,536
VCUs
17,500
VCUs from AFOLU* Projects
OF WHICH
17,500
VCUs from REDD Projects
Issuances for Q3 of 2020**
435,555
VCUs
305,115
VCUs from AFOLU* Projects
OF WHICH
304,575
VCUs from REDD Projects
Retirements for Q2 2020
17,536
VCUs
Retirements for Q3 2020**
435,555
VCUs
** As of 30 September 2020
*AFOLU – Agriculture, Forestry and Other Land Use
