News / #REDD
Three new irrigation dams have been approved in Cambodia’s Cardamom Mountains, overlapping with two carbon credit projects. The new developments join five hydropower projects that are already eating into these same forests.
Developing the credit markets will address a funding gap for nature-based solutions, said Tharman Shanmugaratnam. His proposal faced pushback from other panellists at the World Economic Forum who cautioned against commodifying nature.
The World Bank is set to pay the country up to US$45 million in results-based financing to reduce its land use emissions. But only 72 per cent of the funds are expected to reach the beneficiaries after administrative deductions.
Article 6 of the Paris Agreement leaves a lot of flexibility for countries to trade carbon credits but a standardised playbook is needed to guide how countries can meet their climate goals while selling carbon offsets, says a city-state official, adding that bilateral deals become "flimsy" otherwise. The republic has struggled to buy eligible credits from its two partner nations.
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