A new environmental bank, BANCO2, opened in Costa Rica this week:
Costa Rica expects to sell 16 million tonnes of carbon credits over eight years on its new carbon exchange, Latin America’s first, a venue that allows polluters to offset their emissions with permits they can buy.
Launched last month, the exchange provides a forum for tradable certificates that confer the right to emit one tonne of carbon dioxide.
The approach attaches a cost to pollutants and seeks to reduce greenhouse gases in the atmosphere.
“It will be a common base to fight climate change and help the country reach its goal of carbon neutrality,” Environment and Energy Minister Rene Castro told Reuters.
Read more about the new carbon market at Costa Rican Times: Costa Rica to Sell 16 Million Tons of Carbon Credits
[Image: Armando Maynez]