Costa Rica establishes carbon market

September 11, 2013

Costa Rican President Laura Chinchilla signed a decree on Tuesday morning announcing the first carbon market in the developing world. The market is the latest effort to bring the country toward its goal of becoming carbon-neutral by 2021.

The Costa Rican Voluntary Domestic Carbon Market, or MDVCCR, aims to establish guidelines for the generation, issuance and exchange of carbon credits, called Costa Rican Compensation Units (UCC) from projects or activities originating in Costa Rica.

Under the cap-and-trade scheme, companies will trade UCCs for the right to release carbon dioxide into the air to compensate for any emissions that cannot be reduced, according to a statement from the Casa Presidencial.

The UCCs are tied to reforestation and conservation efforts that capture and sequester carbon dioxide, along with projects designed to reduce emissions and improve energy efficiency.

The Department of Climate Change will oversee the market’s administration, registration of projects and other technical needs.

The carbon market is domestic and not currently open to foreign traders.

The newspaper El Financiero reported Tuesday that the first trades could begin toward the end of 2014. 

Facebook Comments

You may be interested

Costa Rica to begin administering HPV vaccine
Costa Rica
21 views
Costa Rica
21 views

Costa Rica to begin administering HPV vaccine

Alejandro Zúñiga - April 25, 2019

The Social Security System (CCSS) announced Wednesday that Costa Rica will begin administering the human papilloma virus (HPV) vaccine as…

Costa Rica approves law against child abuse prepared by alleged victims of priest
Costa Rica
11 views
Costa Rica
11 views

Costa Rica approves law against child abuse prepared by alleged victims of priest

AFP and The Tico Times - April 24, 2019

Costa Rica’s congress approved on Tuesday a bill that extends the statute of limitations for the crime of sexual abuse…

International drug rehab in Costa Rica with the Costa Rica Treatment Center
Sponsored content
12 views
Sponsored content
12 views

International drug rehab in Costa Rica with the Costa Rica Treatment Center

The Tico Times - April 24, 2019

Costa Rica Treatment Center understands the process of addiction recovery from personal experience. Their evidence-based treatment programs are engineered to…

Do NOT follow this link or you will be banned from the site!