A project located in the Brazilian Para state issued 100,000 Verified Carbon Standard (VCS) credits, becoming one of the first projects to reduce emissions from deforestation and forest degradation (REDD) in Brazil’s rainforest region. The Cikel project represents some of the earliest available supply of forest offsets to be used in future regional or national carbon trading schemes. In fact, avoided deforestation initiatives are not eligible to earn credits from the UN offsetting mechanisms, but are seen as a major potential area for carbon projects since some new emissions markets such as Japan, California and Rio de Janeiro have communicated they could accept the offsets.
Project proponents expect to receive 370,000 VCUs annually over 10 years based upon the amount of emissions the project is projected to reduce. Brazil still lacks a national legal framework for REDD projects and some deals, especially on indigenous areas, could be subject to legal action, the government, advised.

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Photo by P.A. at Flickr.