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illuminem summarizes for you the essential news of the day. Read the full piece on Mongabay or enjoy below:
🗞️ Driving the news: The Brazilian state of Pará signed what it calls the "world's largest" carbon credit deal, selling 12 million credits to corporations like Amazon, Bayer, and Walmart Foundation
• This $183 million agreement could evolve into a multiyear, multibillion-dollar program aimed at reducing Amazon deforestation
• However, experts express concerns over its ambition and potential hurdles, including certification processes and a history of carbon offset scams
🔭 The context: Pará’s project is part of the Lowering Emissions by Accelerating Forest Finance (LEAF) Coalition
• It aims to protect private, public, and Indigenous lands from deforestation by issuing carbon credits
• Yet, Pará has a history of environmental crime, and there are significant challenges with governance and community consent
🌍 Why it matters for the planet: Protecting the Amazon through carbon credits could significantly reduce global emissions by preserving one of the world's largest carbon sinks
• However, effective execution and transparency are critical to ensuring real climate benefits and safeguarding local communities
⏭️ What's next: Pará must obtain certification from the Architecture for REDD+ Transactions (ART) by mid-2025
• The state also needs to pass legislation to regulate the distribution of carbon credit profits among local communities, Indigenous groups, and the government
💬 One quote: “We need to clean house... There are more CAR registrations than actual land” — Carlos Augusto Ramos, researcher at the Federal University of Pará
📈 One stat: Fires destroyed over 4.1 million hectares (10 million acres) of Amazon forest in 2024, raising concerns over the efficacy of carbon credit projects
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