An innovative market-based project is about to start implementation in Colombia financed with a $2,700,000 grant from the GEF. Executed by Fundación Natura, and with the Inter American Development Bank as GEF implementing agency, ¨Mechanism for Voluntary Mitigation of Greenhouse Gas Emissions in Colombia¨, will establish the technological basis and institutional platform for a verified emission reductions (VERs) market mechanism, and support the promotion of forest carbon projects.
In brief, the project will create a market platform for nationally issued VERs to be made accessible to national or international buyers; support the issuance of VERs from forest carbon projects developed in Colombia; and foster their local demand through corporate carbon mitigation and offsetting strategies.
To enhance forest carbon project development and verification, the project will support the validation, registration and commercialization of VERs of at least five projects including forestry, agro-forestry andr REDD issues. Also, aware of the need to improve and decentralize the technical capacity to understand and develop forest carbon projects, this support will be accompanied by a capacity building program in carbon accounting and monitoring, as well as building capacity in project development, validation and verification for forestry, agro-forestry and REDD projects. The capacity building program will be designed for audiences as diverse as local environmental authorities and ethnic groups (who are often the target of false project promoters).
Similarly, the project will run an outreach and awareness strategy aimed at financial institutions and public and private investors about the needs and opportunities of forest carbon projects. Lastly, the project will support research on growth and sequestration, to generate information for at least 6 native species.
Through this strategy, the projects aims to sequester, avoid and reduce more than 464,000 tCO2e, while preserving and increasing carbon stocks over 58,800 ha of forests and agro-forest landscapes.
Project Summary
GEF Grant: $2,700,000
Cofinancing: $7,923,900
Agency: IADB
Project Duration: 2011-2015
PMIS #: 4135
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