Latin American, Caribbean governments push forest carbon at NYC Climate Week
Latin American and Caribbean governments used Climate Week NYC to promote forest carbon programmes, according to a roundup. They also indicated interest in a wider set of Article 6 project options.
At Climate Week NYC, LAC officials spotlighted forest carbon. Brazil’s environment minister said the Tropical Forest Forever Facility, first backed by Brazil, could reach its $10 bln target by year-end; it is at $7.3 bln, with Norway’s $3 bln pledge conditional on success. Guyana, Ecuador, Bolivia, Costa Rica, the UK, and Norway discussed carbon markets, public finance, debt swaps, and results-based payments.
Guyana’s natural resources minister called its Hess carbon credit deal valuable for protecting an asset. Brazil’s Mombak signed a multi-year Salesforce offtake and launched Amazon Reforestation Fund II, aiming for $150 mln. Chile, Brazil, and Colombia signaled Article 6 work; Chile had issued 6.2 authorisations and moved about 30 Kyoto-era projects to PACM.
These initiatives could affect forest communities, project developers, and carbon credit buyers. If funding and Article 6 authorisations advance, they may channel finance toward forest protection and restoration, potentially supporting local livelihoods and biodiversity. However, outcomes may depend on benefit-sharing, verification, and whether carbon revenue reaches affected communities. Market participants and governments may also face greater scrutiny over credit quality and rights.