Belize Lays Groundwork for Credible Carbon Credit Market

Belize is laying the groundwork to enter the carbon market, but officials say the country is not ready to start trading carbon credits just yet. With the passage of the Climate Change and Carbon Market Initiative Act, government is creating the rules, systems, and oversight needed to make any future market credible. Chief Climate Change Officer Edalmi Pinelo says the law is less about immediate trading and more about building trust, transparency, and accountability. That includes setting up a Climate Change Department, a National Climate Change Council, a national transparency framework, and a carbon registry to track emissions and prevent double counting. In short, Belize is preparing for the carbon market, but first it wants to get the foundation right.

 

Edalmi Pinelo, Chief Climate Change Officer

“This act established a national framework that will strengthen the climate resilience and also the governance part, especially when it comes to transparency and accountability. One of the main things is because based on this framework, we will be responsible to implement the carbon market readiness. And I say readiness because this act doesn’t mean that Belize is ready to engage automatically on carbon market. But first we have to build the machinery in order for us to initiate any implementation phase. So by that said, I think I have three key messages that I want to share to the public. And apologies, we’re trying to make it as less technical as possible because this thematic area is very technical. So I want to ensure that the public do understand the reason why we are doing it by face. So the first thing is, in order for us to have any ability to engage in carbon market trading, we need to be strengthened our climate institution. And that’s the reason why the ACK formulates the Climate Change Department, which provides also the Belize National Climate Change Council that will give that strengthening in governance at the highest level and will provide a national transparency and also an MRV arrangements. And that will provide for us in order for us to track data. Cut data will create trust in buyers. Also, integrity and protection comes first. Carbon market participation must be at a credible data, transparency, accountability, and also environmental integrity that will also safeguard our any interactions or trading and be fairly benefit sharing. And this act creates that opportunity.”

 

The Act establishes oversight and transparency systems and carbon registry needed to prepare Belize for participation in carbon markets, with officials stressing that policies, regulations and supporting systems must be in place before any projects or carbon credit trading can begin.

 

Attention readers: This online newscast is a direct transcript of our evening television broadcast. When speakers use Kriol, we have carefully rendered their words using a standard spelling system.

 

Watch the full newscast here: