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21/09/2023

Breaking news - The Paraguayan Senate approved the "Carbon Credits" Bill during the session held yesterday.

The Bill will now pass to the House of Representatives. The Carbon Credit Bill seeks to set a legal framework that would provide certainty on the ownership of carbon credits generated by projects located in the country and to avoid double counting of carbon credits. The Ministry of Environment and Sustainable Development (MADES) would act as enforcement authority, and will be in charge, among other, of keeping a registry of carbon credits generated by projects in Paraguay and those acquired from abroad. The registry will not imply double counting of credits.

With this initiative, Paraguay seeks to position itself as a leading jurisdiction in the regulation of carbon credits, in order to promote the access of high-quality projects to global carbon markets. According to estimates, Natural Based Removals projects located in Paraguay could represent more than 50% of the carbon credits to be issued over the next 5 years in this sector worldwide. Additionally, Paraguay has great potential to develop carbon projects in the energy, transportation, and other sectors.

The Bill is available in the following link

Vouga Abogados is participating in several of the largest carbon credit projects in the country. For further information, please contact our team: Rodrigo Fernandez (rfernandez@vouga.com.py), Rodolfo G Vouga (rgvouga@vouga.com.py) and Cecilia Vera (cvera@vouga.com.py).

We will keep you updated on this important news in development.

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