Government Explores Carbon Credits

The Government of Belize is looking to capitalize on the country’s carbon credits, which could potentially bring significant benefits to the country’s economy and environment. Carbon credits are a form of tradeable permits that allow companies or countries to offset their carbon emissions by funding projects that reduce greenhouse gas emissions elsewhere. Belize, with its rich biodiversity and vast expanses of forests and marine ecosystems, is well-positioned to benefit from the sale of carbon credits. Carlos Pol, the Director of the Ministry of Economic Development’s Climate Finance Unit, explains that the government is currently working on drafting legislation that will provide a framework for the creation and trading of carbon credits in Belize. This legislation will establish a system for quantifying and verifying carbon emissions reductions, which will enable the issuance of carbon credits that can be sold on international markets. By implementing legislation to facilitate the issuance and trading of carbon credits, the government aims to incentivize sustainable practices and attract investors interested in supporting conservation and sustainable development projects.