Peru’s government has agreed to ‘nest’ two REDD projects financed by fund Althelia, claiming a global first that enables the developers to sell carbon credits abroad while later integrating with the government’s Paris emission pledge.
The deal allows the Tambopata-Bahuaja Reserve and Cordillera Azul National Park projects to sell REDD credits for emission reductions generated over 2015-18, with the transfers accounted for in Peru’s national emissions inventory to avoid any potential double-counting,.
“The projects will continue to exist after 2018 and will nest into the national forest emissions reference level, using this national emissions baseline,” said Althelia. “This approach is entirely scalable and replicable, so it offers a template for countries around the world which are also committed to tackling climate change. We are working closely with Peru to scale up our current partnership and replicate this model elsewhere,” said Althelia’s managing partner Sylvain Goupille.