Verra and the state of Amazonas, Brazil, have signed a Memorandum of Understanding (MOU) on the sidelines of COP29 in Baku, Azerbaijan, under which both entities will collaborate on strengthening the state’s carbon markets.
Image Credit: Nareeta Martin via Unsplash
Specifically, Verra, the world’s leading standard setter for climate action and sustainable development, and the state of Amazonas agreed to implement capacity-building processes and opportunities for the exchange of technical information, and to provide support for the development of regulation related to these markets.
With 92% of Amazonas’ territory covered by rainforest, the state offers abundant opportunities for the development of projects that use one of Verra’s nature-based methodologies, including the new methodology for Reducing Emissions from Deforestation and Forest Degradation (REDD).
We are honored that the state of Amazonas selected Verra as a partner in strengthening regional carbon markets. These markets hold the key to unlocking the climate finance needed to reduce emissions, save forests, retain biodiversity, and support local communities. We look forward to collaborating closely with the state of Amazonas, who has undertaken critical work in advancing nature-based climate solutions in its jurisdiction.
Mandy Rambharos, CEO, Verra
Eduardo Taveira, who is Amazonas’ Secretary of State for the Environment and represents Governor Wilson Lima at COP29 in Baku, said: “Verra is the largest carbon credit certifier in the world. This partnership represents a significant advance in the sustainability trajectory of Amazonas, as it will provide all the necessary support for the State to be a generator of high integrity credits, following strict environmental criteria, with a guarantee of high environmental, social and low carbon economy impact that we seek.”
Key Elements of the MOU:
- Capacity Building: Verra will provide the state of Amazonas with specialized training sessions on carbon markets, the VCS Program, the Climate, Community & Biodiversity Standards (CCBS) Program, and the Sustainable Development Verified Impact Standard (SD VISta) Program, as well as the Verra Registry.
- Information Exchange: Verra and the state of Amazonas will exchange public information needed to develop and strengthen the state’s carbon markets. Verra will also share public information from the Verra Registry. Further, both parties will explore the sharing of information about Verra’s new REDD methodology and its associated modules with potential projects in the state of Amazonas.
- Strengthening of Regulation: Verra will also contribute its expertise in carbon markets to the development and refinement of relevant regulations that the state of Amazonas may discuss in public roundtable events. Verra has proceeded similarly in other countries and provinces in mutual agreement with the respective government authorities.