Cuba Announces Incentive For Forest Carbon Removal, Eyes Carbon Bonds Market

Cuba Announces Incentive For Forest Carbon Removal, Eyes Carbon Bonds Market - Carbon Herald

Cuba has introduced a pioneering initiative focused on supporting sustainable forest management through the payment for environmental services for carbon removal, a move that also positions the country as an active player in the global carbon bonds market.

Published in the Official Gazette of the Republic, the resolution signifies a groundbreaking incentive available to individuals or entities responsible for forest management, state news agency Prensa Latina reported Tuesday.

It rewards those who, through sustainable forest management practices, contribute to the removal of carbon from the atmosphere by storing it in the country’s forests.

Under provision number 28 of 2024 from the Ministry of Agriculture, “carbon retention is the storage of carbon in the biomass of living trees.”

Thus, those overseeing forest assets are eligible to apply for payment for the environmental service of forest carbon removal, with the Agroforestry Research Institute (INAF) entrusted with ensuring compliance with the stipulated requirements.

Relevant: New Study Shows Reforestation And Protecting Current Forests Could Store 226GT Of CO2

This initiative not only fosters environmental sustainability but also paves the way for Cuba’s participation in the global carbon bonds market.

“The norm is a precedent for Cuba’s participation in the market of carbon bonds, a worldwide financing mechanism that allows the promotion of projects in favor of the care of the planet,” the United Nations Development Program (UNDP) office in Cuba said in a communiqué, as cited by Prensa Latina.

The UNDP office in Cuba has actively advocated for the adoption of innovative financial mechanisms to address financing gaps hindering the Caribbean nation’s sustainable development goals.

These mechanisms, including those related to sustainable land management and biodiversity preservation, are crucial in mitigating environmental challenges.

The current initiative is a direct outcome of the collaborative efforts under the Biodoversity Finance Initiative (BIOFIN), a global program managed by the UNDP, Prensa Latina said.

It is complemented by the Ecovalor project, an international cooperation project presented by Cuba at the COP28 climate change conference, aimed at leveraging economic and financial mechanisms that recognize ecosystem services’ value and their economic implications.

Read more: Crediting Carbon Credits: The Case For Forest Conservation Carbon Projects

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