Bolivia plans to sell $5 billion in carbon offset credits to combat deforestation and achieve zero deforestation by 2030. The initiative allows countries or companies to offset their emissions by funding forest conservation and reforestation efforts in Bolivia.
Economy Minister Marcelo Montenegro emphasized the importance of using these funds to conserve, replant, and reforest while generating value for the struggling Bolivian economy. The country faces severe deforestation and forest fires, with over 10 million hectares burned this year, compounding its economic challenges.
Montenegro highlighted the high costs of firefighting and called for resources to prevent and mitigate such disasters. He expressed optimism about valuing efforts to reforest and combat environmental damage through this initiative.
The “sovereign carbon credits” will follow Article 6 of the Paris Agreement, allowing other countries to purchase them to meet climate goals. Talks with potential buyers, including corporations and governments, are underway, with first deliveries expected by mid-2025.
Laconic Infrastructure Partners, managing the project, ensures compliance with emission-cut standards under the Paris Agreement. Regular monitoring will track progress, and Bolivia will face penalties for failing to meet targets, guaranteeing accountability for forest protection.
