Today is Monday, April 29 2024.
A few weeks ago, the Architecture for REDD+ Transactions (ART) announced in a press release the acceptance of a TREES Document submitted by Guyana.
Acceptance of the document indicates that a series of checks have been carried out independently, leading to the issuance of serialized TREES Credits to Guyana:
7.14 million carbon credits 2021 vintage.
The Government of Guyana was authorized by United Nations Framework Convention on Climate Change (UNFCCC) to use the credits in a range of compliance and voluntary purposes per Article 6 of the Paris Agreement, including including for transfers for use towards meeting Nationally Determined Contributions (NDCs).
Among the uses, these credits are eligible for use by airlines toward their targets in the 2024-2026 phase of the International Civil Aviation Organisation’s (ICAO) global emission reduction program, CORSIA.
100-200 million credits are expected to be necessary in this 1st. phase of CORSIA, with 126 countries voluntarily participating, covering roughly 80% of annual emissions from the aviation sector. All participating airline operators with annual emissions over 10,000 tonnes of CO2 equivalent emissions must monitor and report their emissions, and then purchase and cancel carbon credits to offset any remaining emissions that exceed a percentage of their 2019 baseline emissions.
Last but not least, we explain the entities and acronyms mentioned above:
ICAO is a specialized agency of the United Nations that manages the standards that govern international aviation. In 2016, ICAO approved the CORSIA as a global market-based mechanism to enable airlines to offset future emissions.
ART is a program that develops and administers standardized procedures for crediting emission reductions and removals from national and large sub-national REDD+ programs. It is related with Winrock International and is located in Arlington, Virginia. https://www.artredd.org/about-us/
TREES here is the acronym of “The REDD+ Environmental Excellence Standard”, ART’s standard for the measurement, monitoring, reporting and verification of emission reductions and removals from the forest sector.
Click at the image below to read the complete press release by the Government of Guyana.
Guyana is an English-speaking country with less that 1 million inhabitants, located in South America, north of the Amazon River in Brazil and east of the Orinoco River in Venezuela. Guyana is an indigenous word which means "Land of Many Waters”.
Guyana’s journey towards a low carbon economy began in 2009.
