Equator specializes in commercialization of carbon credits, and renewable credits from reforestation and forest conservation.
The money will be handled by Fonafifo (Forest Financing Fund), and will be used for "... paying environmental services (PSA) to owners of the country's forests..." reports Nacion.com. "A part of it (the exact amount was not disclosed), will be used to recover soil and reforest 2.000 hectares...".
They are trying to establish the parameters which when fulfilled would rate the plantations as carbon fixing both at the national and international level.
The minister of the Environment, Energy and Telecommunications (Minaet), Roberto Dobles, explained to producers and representatives of the Costa Rica Coffee Institute (Icafe) that there are legal opportunities for the National Forestry Financing Fund (Fonafifo) to include coffee plantations to receives payment for environmental services.
Fiaes, the Initiative Fund for the Americas, will use the money to fund environmental projects.
They will finance domestic projects in 4 areas: ecosystem management, land management, contamination prevention and control, and energy. Fiaes intends to support the country’s environmental priorities.
Having certified 2,400 acres of the canal basin and invested $19 million since 2009, the Panama Canal Authority is negotiating with companies interested in purchasing the credits.
In order to recover the investment made in the certification of 2,400 carbon free hectares of canal basin, the Panama Canal Authority (ACP) will be issuing carbon credits, which may be purchased by companies seeking to minimize the impact of their carbon footprint.
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