To provide enterprises with a diverse range of carbon credits and meet various corporate carbon offset needs, following the listing of the Myanmar mangrove blue carbon project in mid-June, Taiwan Carbon Solution Exchange (TCX) today listed the Paraguay Afforestation, Reforestation and Revegetation (ARR) Project, marking the company's first green carbon project.
According to data, a significant proportion of land in Paraguay is used for beef production and soy cultivation. Given that regulations and techniques for forest management and conservation in Paraguay are still underdeveloped, support for carbon credit projects is crucial for forest protection and promoting carbon reduction initiatives. International corporations have also invested in afforestation projects in eastern Paraguay. Additionally, Paraguay is a diplomatic ally to Taiwan, making the introduction of carbon credits particularly meaningful. The newly listed project utilizing ARR methodology involves afforestation in eastern Paraguay, and aligns with four United Nations Sustainable Development Goals (SDGs).
TCX stated that nature-based solutions are essential for achieving global climate targets. The recently listed blue and green carbon projects comply with international standards such as ISO 14068-1 for carbon neutrality and align with trends in the international voluntary carbon market. Last month, tech giants Google, Meta, Microsoft, and Salesforce announced the formation of the Symbiosis Coalition. The coalition has two main objectives: First, to commit contracts to 20 million tons of high-quality nature-based removal carbon credits by 2030, initially focusing on afforestation, reforestation, and revegetation (ARR) projects and mangrove restoration projects. Second, due to the complexity of nature-based projects, the coalition will establish quality standards for purchasing such projects.
TCX also places significant emphasis on quality assessment for nature-based projects. In addition to reviewing the two newly listed projects based on the "Reference Guide for Listing International Carbon Credit Non-recognized under the Climate Change Response Act" published by the Ministry of Environment and TCX’s related operating procedures, TCX collaborates with domestic universities to conduct time-series analysis using satellite remote sensing data to verify the greening effectiveness of the project areas.
TCX announced that members can now access information about this project on the TCX International Carbon Credit Trading Platform and place orders from today. TCX will continue to launch diverse types of carbon credit projects to assist industries in achieving their net-zero transition goals.
Sources: Taiwan Carbon Solution Exchange
