Paraguay and the United Arab Emirates agreed on an instrument for carbon credits

Asunción, Agencia IP.- The Ministry of Environment and Sustainable Development (Mades) and the Ministry of Climate Change and Environment of the United Arab Emirates signed a Memorandum of Understanding in cooperation for collaboration under Article 6 of the Paris Agreement.

The ceremony took place in Dubai, United Arab Emirates, at the headquarters of the 28th United Nations Climate Change Conference (COP28). The signatories were the Minister of the Environment, Rolando de Barros Barreto, and the Emirati Minister of Climate Change and Environment, Mariam bint Mohammed Almheiri.

This instrument is the first one signed by Paraguay and the United Arab Emirates within Article 6 of the Paris Agreement, mainly to cooperate on carbon credits.

Both parties expressed their interest in establishing a bilateral framework for the authorization of international transfer of mitigation results (ITMOs), among other issues. This will allow future progress in the carbon market by applying the provisions of the new current national legislation.