Asunción, Agencia IP.- The Chamber of Deputies approved the bill “Of carbon credits” on Wednesday, which provides the normative framework to certify the capture of gases of the greenhouse effect for its marketing in international markets.
The credits, also called “carbon bonuses”, are an international mechanism of decontamination to reduce the emissions of pollutants to the environment.
The government’s goal is to count to a normative framework that defines the ownership of the credits generated by projects developed in Paraguay for their commercialization. These projects can be executed by national or foreign enterprises, with the participation of the Paraguayan labour force of at least 35%.
The Project originated in the Chamber of Senators, where it was presented at the beginning of September and approved during a session on September 20. According to the drafters, the mechanism to account for Carbon Credits will incentivize public and private sector participation in mitigating polluting gas emissions.
The law declares the Ministry of Environment and Sustainable Development (Mades, by its acronym in Spanish) as an enforcement authority, which will keep a record of the carbon credits generated in Paraguay and those acquired abroad.
Position of the Executive Branch
President Santiago Peña indicated that this Bill is “one the most advanced in the field” during his presentation at the Columbia World Leaders Forum from Columbia University in New York a few weeks ago.
Peña referred to the potential of the Bill to reduce the breach among the compensations for gas emissions and assure funds to maintain the natural resources of Paraguay.
At the end of October, the President will visit Washington with the Minister of Environment, Rolando de Barros, to present investment opportunities in the environmental field.
In December, Peña will participate in the UN Climate Change Conference, COP28, in the United Arab Emirates, where it is expected to announce “a great change into the carbon markets”, according to his statements during his agenda in New York.