The United Nations climate change secretariat has signed an agreement with the Latin American Development Bank to increase participation in clean development projects in the region, it was today announced.
The agreement, signed by the UN Framework Convention on Climate Change (UNFCCC) Secretariat, will establish a Clean Development Mechanism (CDM) regional collaboration centre (RCC) in Bogotá, Colombia.
“The CDM has demonstrated what can be achieved when we use markets to incentivize action on climate change and development,” UNFCCC Executive Secretary, Christiana Figueres, said in a statement.
“The RCC in Bogotá will help tap the potential for CDM projects in Latin America and serve as a working example of the kind of inter-agency cooperation necessary to tackle climate change,” she added.
The CDM RCCs are part of an effort to bring the benefits of the Kyoto Protocol’s emission-reduction projects in developing countries to earn certified emission reductions – or CERs – which can then be traded, sold and used by industrialized countries to meet environmental targets. Each CER is equivalent to one ton of carbon dioxide.
This is the fourth regional collaboration centre established by the UNFCCC and a regional development bank. The first centre was established in 2012 in Lomé, Togo, in collaboration with the Banque Ouest Africaine de Développement and provides assistance in the development of CDM projects in Francophone Africa.