Suriname has started trading UN carbon credits, called Internationally Transferred Mitigation Outcome (ITMOs), as part of its climate pledge under the Paris Agreement. It has successfully completed all its Article 5.2, Article 6.2, and Article 13 requirements.
Developed country governments and corporations can buy their ITMOs and, in return, Suriname will keep investing to protect their forests and biodiversity.
The country is beginning by offering 2021 REDD+ results which are eligible for transacting internationally transferred mitigation outcomes (ITMOs) under the Paris Agreement. They are starting by selling 4,839,390 UNFCCC-verified REDD+ Results Units and hope to have 10 million for 2022 going forward.
“Over the past 20 years, the government of Suriname has shown clear evidence of tackling the drivers of deforestation and emissions. Today, Suriname’s national REDD+ programme is successfully working. Our challenge is developing economically and providing services to its people while remaining a net-carbon remover for centuries to come,” said Marciano Dasai, the Suriname Minister of Spatial Planning and Environment.
Suriname is regarded as the most forested country in the world – over 93% forest cover according to a recent forest inventory assessment. Its forests remove over 20 million tons of mostly other countries’ carbon emissions every year. For free! At the same time, its energy emissions are around 4 million tons per year.
In preparation for the launch of its ITMOs sale, the ministry held a presentation on July 30 for the members of the standing committee of ROM of the National Assembly. The green development strategy is currently being developed and formulated under the supervision of ROM. This should ultimately result in an initiative law that will be submitted to the National Assembly in October 2024.
Fair Distribution of Financial Benefits
The revenue from sales will be overseen by an inter-ministerial committee, managed by the finance ministry, and audited annually. A profit-sharing mechanism will be established to ensure that revenues from the sale of carbon credits are shared fairly between investors, developers, and local communities. There will be transparent and regular reporting on the progress and impact of emission reduction projects.
“The money earned will be spent helping Suriname develop sustainably for future generations, and that includes remaining a net remover of carbon every year while respecting the Sustainable Development Goals and forest dependent communities,” said Dasai.
Suriname will undertake all the carbon accounting and reporting of their net carbon balance biannually under their climate pledge to the UN and remain fully Paris Agreement compliant.
