The Panama Canal Authority certifies Verified Emission Reductions or carbon credits
The Panama Canal Authority (ACP) has certified Verified Emission Reductions (VERs) or carbon credits, within the framework of the Sustainable Forest Cover Establishment Project in the Canal Watershed. The VERs are available under the financial service provider MARKIT Registry, the main global platform for management of carbon credits, ACP said in its press release.
These credits are based in the agroforestry, silvopastoral and reforestation activities in 2,458 hectares of the Panama Canal Watershed, following the standards established by the Climate, Community & Biodiversity Alliance (CCBA) and The Gold Standard Foundation.
During the Gold Standard verification, it was estimated that forestry projects in the Watershed will remove 378,566 tons of CO2 in a period of 30 years. A total of 113,570 tons will be stored as buffer and 264,996 tons can be used as carbon offsets or traded as VERs in the international market.
Initially, the Panama Canal offers 50,000 VERs for companies that comply with the reduction of their carbon footprint as part of their environmental objectives. These VERs have been certified taking into consideration environmental and social criteria which differentiates them from other carbon credits.
The financial benefits of the future issuing of the carbon credits will be invested in the environmental projects currently conducted by the Panama Canal in the communities of the Panama Canal Watershed.
To date, more than 5,600 hectares of forest plantation projects have been stablished by the Panama Canal in different areas of the Watershed. These projects have had a positive impact in the Watershed inhabitants who provide seedlings and labor to conduct reforestation activities, while also helping in land and water protection by increasing the forest cover in degraded areas.
About the Panama Canal Authority (ACP)
The ACP is the autonomous agency of the Government of Panama in charge of managing, operating and maintaining the Panama Canal. The operation of the ACP is based on its organic law and the regulations approved by its Board of Directors.
