Suriname selling carbon credits

Suriname says it has started this month trading emission reduction carbon credits and that the initiative is part of the green development strategy that the government is developing to achieve sustainable economic growth.

The Ministry of Spatial Planning and the Environment (ROM), which first announced plans to trade carbon credits last year, gave a presentation to the members of the Standing Committee of ROM of the National Assembly on July 30, this year.

During the presentation, the committee was told that the profit-sharing mechanism is laid down in an administrative procedure as that would ensure that the revenues from the sale of carbon credits are distributed fairly between investors, developers and local communities. ROM said that there would be transparent and regular reporting on the progress and impact of emission reduction projects.

Carbon credits are tradable certificates that represent a reduction of one ton of carbon dioxide (CO₂) or a comparable amount of another greenhouse gas. The carbon credits are used to offset and reduce greenhouse gas emissions.

Greenhouse gases are gases in the atmosphere that trap heat and therefore contribute to the greenhouse effect.

Human activities have increased the accumulation of greenhouse gases. This causes additional warming and climate change. This increased effect leads to more extreme weather, rising sea levels and other environmental problems.

Companies and governments can buy carbon credits to restore their own greenhouse gas emissions. The sale of carbon credits helps to make investments in sustainable projects, such as renewable energy, energy efficiency, forest conservation and other environmentally friendly initiatives.

Guyana is the other Caribbean Community (CARICCOM)  country involved in carbon credit sales with Georgetown indicating last week that this year, the total revenue received from carbon credit sales is US$87.5 million, which is less than last year.

Guyana’s low carbon development strategy (2030) commits 15 per cent of all revenues from carbon credit sales to Amerindian villages for investment in village development activities. In 2023, the country received US$150 million and 15 percent meant that US$22.5 million had been allocated to the 242 Indigenous villages.

In July, President Chan Santokhi underscored the importance of pursuing a balance between economic growth and environmental protection, adding that the use of natural resources, such as oil and gas, will be done in a responsible way.

At the same time, investments are being made in renewable energy sources and technologies that reduce CO2 emissions. Suriname wants to achieve this with the help of a green development strategy.

PARAMARIBO, Suriname, Aug 25, CMC –  

CMC/fg/nb/2024

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