The harsh reality has forced a landmark in environmental topics, the postponement of the date for achieving its goal of carbon neutrality, abandoing the impossible target of 2021 replacing it with sometime between 2050 and 2100.
Recognizing the impracticality of trying to meet such an ambitious goal as the one initially proposed, the government is preparing a new official plan to be presented later this month, with effect from 2020 and which includes new targets.
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.
Eleven companies have shown their interest in participating in the local carbon credit market, which still lacks clear rules.
"Although in the last few days a "road map" for the Voluntary Domestic Carbon Credit Market in Costa Rica has emerged, there is still much to be done, therefore the country should not slow down on this issue," said Wilkie Mora, manager at Geocycle (a subsidiary of Holcim).
Nine small hydroelectric stations to be built in Guatemala will be funded in part with carbon credits.
Elperiodico.com.gt reports that "carbon credits will be an alternative source of funding for nine small hydro stations to be built between 2013 and 2014, and which have already been registered under the Clean Development Mechanism (CDM) of the United Nations (UN). "
Seven Costa Rican companies have received Carbon Neutral Certification and 23 have begun the certification process.
"This certification is an official system launched by the Government and is based on the National Carbon Neutrality Standard: voluntary standard INTE -12-01-06:2011", reported Nacion.com.
The standard was launched by the Ministry of Environment and Energy (Minae) in 2011 and ensures that accredited companies meet the requirements necessary to mitigate gas emissions. The accrediting body of the certification is the Standards Institute of Costa Rica (Inteco).
The government of Costa Rica aims to provide financial and tax facilities for replacing the fleet of public transport with less vehicles that cause less pollution.
They have even announced talks with automakers in Japan and South Korea, for the best prices on the purchase of hybrid vehicles.
Taxi drivers who change their current vehicles for ones that run on electrical power units and fuel, would benefit from a 100% exemption of import taxes.
Panama will be able to take advantage of new markets opening in 2012.
The possible absence of the Kyoto Protocol will not prevent carbon bond issuers, such as Panama, from finding new buyers for the credits.
This seems to be the general consensus of experts on global climate change, who have stated that new stakeholders have emerged to purchase these bonds, traditionally sold to European countries.
The government of El Salvador is considering adding two 40 MW generators to the Central 5 de Noviembre, with an estimated cost of $136 million.
The project could be operational in 2014, and would add 80 MW to the national grid.
"As part of measures leading to the implementation of the proposed expansion of the hydroelectric plant, the Executive Hydroelectric Commission of Rio Lempa (CEL) is incorporating the United Nations "Clean Development" mechanism (under the Kyoto Protocol ). With this initiative, the institution will be fulfilling requirements set by the World Commission on Dams. " noted an article in Elsalvador.com.
The $ 400.000 raised will go to manage forests in an 11 hectare area in Petén.
U.S. Company Global Carbon Group agreed to buy carbon credits from the mayors of San Jose and San Francisco in the first operation of its kind in Guatemala, and thus offsetting 1.2 million tons of greenhouse gases for 20 years.
For Guatemala this type of arrangement is an alternative to stop deforestation in the country.
The hub will be located in the City of Knowledge, a business, scientific and Technological Park, with the objective of promoting the sale of carbon credits.
The project includes Spanish company Madrid Network, which will sign an agreement to install the center.
The main objective of the center, which expects to be operational in 2011, will be to advise businesses on how to obtain fair prices for their carbon credits.
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.