Carbon is now tracked and traded like any other commodity at the global carbon market - says PNG's Climate Change Minister

PNG's ENVIRONMENT and Climate Change Minister John Pundari says that REDD+ is reducing emissions from deforestation and forest degradation in developing countries. 

Mr. Pundari said REDD+ aimed to create financial value for the carbon stored in forests offering incentives for developing countries to reduce emissions.

He said carbon trade partition commitment under the Kyoto Protocol had accepted targets for limiting or reducing emissions.

“Emission trading set out in Article 7 of the Kyoto Protocol allows countries that have emission units to spare emissions permitted them, but not used to sell these access capacities to countries that are over their target,” Pundari said.

“So, if a country is emitting more carbon, they are able to trade with nations that emit less green house gases. Thus, a new commodity was created in the form of emission reduction or removals, since carbon dioxide is the principal greenhouse gas people speak simply of trading in carbon.

“Carbon is now tracked and traded like any other commodity and this is known as the carbon market as we all know it. There are other carbon markets also called the voluntary carbon trading schemes.This is basic science as the Member for Nuku alluded to.”

“When it comes to carbon trade in PNG, what we think of is the rainforest and the carbon sink that it has so that we can trade that to great corporate institutions of the world.”

Source: The National Newspaper.