Verra and the Ministry of the Environment of Panama (MiAMBIENTE) have signed a Memorandum of Understanding (MOU) to support the development of a national carbon market in Panama.
Under this memorandum, Verra and MiAMBIENTE will analyze options for sharing information between the National Registry of Mitigation Actions of Panama and the Verra Registry. This will streamline the process for certifying local projects in Verra’s Verified Carbon Standard (VCS) Program while also complying with local regulations.
The MOU also covers training activities about the VCS Program, the VCS Jurisdictional and Nested REDD+ Framework (JNR), and the Verra Registry. Future training topics will likely include VCS Agriculture, Forestry, and Other Land Use (AFOLU) methodologies, which are highly applicable in Panama. So far, the audience of these trainings has been Panama government representatives who have been tasked with designing national carbon pricing instruments. Future trainings may address the interests of project proponents and developers, prospective validation/verification bodies, and buyers, retailers, and traders.
“The signing and implementation of this MOU with the Ministry of the Environment of Panama is an important milestone that supports Panama in reaching its nationally determined contribution while advancing global climate action and sustainable development,” says David Antonioli, Verra’s Chief Executive Officer.
All activities under the MOU will fall within the framework of Panama’s National Greenhouse Gas Compensation System.