CfRN supports Suriname’s First ITMO issuance under the Paris Agreement
In July, CfRN’s senior leadership and technical team went on mission to Suriname to support thecountry with REDD+ data collation and to get it ready for private sector support, according to Article 6.2 requirements under the Paris Agreement.
As a High Forest cover and Low Deforestation (HFLD) country, Suriname contributes significantly in tackling the negative impacts of the climate emergency by promoting sustainable forest management and conserving forests as the forest cover in Suriname is 93% of its territory. Despite that, Suriname does not yet benefit from adequate climate finance for these efforts
Nestled in the heart of the Amazon Forest, Suriname aims to maintain its position as one of the world’s foremost forested countries. At the core of this commitment is sustainable development and emission reduction, championed by the UN’s Reducing Emissions from Deforestation and Forest Degradation (REDD+) initiative.
Our dedicated technical team at CfRN, inclusive of Lucila Balam, Marcial Arias, and Milena Niño, collaborates closely with Suriname. Our combined efforts are honed on enhancing Suriname’s land use monitoring and ensuring precise reporting to the United Nations Framework Convention on Climate Change (UNFCCC).
With its remarkable forest cover, Suriname undoubtedly holds a significant role in the global climate equation. A hallmark of this partnership has been the introduction of Suriname’s REDD+ Results Technical Annex. This pivotal document, a product of the synergy between CfRN and Suriname’s environmental agencies, highlights the strides made toward their Nationally Determined Contributions (NDCs) to the Paris Agreement.
CfRN also held a 2-day Article 6 Training & Awareness Workshop. The workshop aimed to help the Suriname team better improve their understanding and clarity about UNFCCC and the Paris agreement, its requirements, and the opportunities for Suriname for its accumulated REDD+ sovereign carbon credits and to attract climate finance.
In the Fall, Suriname expects to issue approximately 4.8 million tonnes of CO2e. These units will represent the first Internationally Tradable Mitigation Outcomes (ITMOs) under Article 6.2 for its post 2020 REDD+ Results generated under Article 5.2. ITMOs are carbon reductions and removals that can be purchased by developed countries that have not hit their climate pledges, called Nationally Determined Contributions (NDCs) or by corporations wishing to become Paris Compliant with their net zero efforts.
Suriname is currently preparing for securing finance for its ITMOs. They have submitted a REDD+ national strategy, two (2) Forest Reference (Emission) Levels (FREL/FRLs), a Safeguard Information System (SIS) and, with the CfRN support, they also submitted a Biennial Transparency Report (BUR-1) and two (2) REDD+ Technical Annexes (TA) to UNFCCC .
Here’s to celebrating the collective vision and hard work of our partners in Suriname!
