Peru and Switzerland sign ‘world first’ carbon offset deal under Paris Agreement In an agreement that took two years to negotiate, Peru will get finance for sustainable development projects while Switzerland takes credit for the emissions cuts
The deal signed on Tuesday allows Peru to fund sustainable development projects, while Switzerland gets to count the resulting emissions cuts against its national targets.
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Peru and Switzerland sign ‘world first’ carbon offset deal under Paris Agreement ✊💚💚💚 In an agreement that took two years to negotiate, Peru will get finance for sustainable development projects while Switzerland takes credit for the emissions cuts
While negotiators at UN climate talks have yet to overcome deep divisions on the design of a global carbon market, a framework is in place for countries to strike bilateral deals.
Switzerland funds green projects in Peru, which count as emissions reductions for Switzerland & not for Peru. Great idea for improving cost-effectiveness; much in the spirit of the Oslo Principles (Article 18).
As more and more companies pledge to become carbon neutral or net-zero carbon, demand for offsets will grow but remain controversial. Peru and Switzerland sign 'world first' carbon offset deal under Paris Agreement via