Suriname aims to be the first country to sell internationally transferred mitigation outcomes (ITMOs) under the Paris Agreement and has set a price of USD30 per credit in an effort to raise USD144mn. The funds generated from ITMO sales will be used to combat deforestation in the country, which is 93% covered in forests. Suriname's ITMOs are created based on its registered baseline of carbon stock in its forests, with additional credits generated as the carbon stock increases due to forest protection. While the Paris Agreement allows for international trading of emissions reductions, the framework for such trading was only finalized in December 2021.

Source: Reuters