Posted: Wednesday, September 8, 2021. 11:25 am CST.
By Aaron Humes: The original version of The Nature Conservancy (TNC) Maya Forest Corridor Agreement was “weak” and if the past Government is to be congratulated it is for giving enough leverage to renegotiate and get a better one, said Minister of State for Finance/Senator Christopher Coye.
The government is paying half the acquisition costs of the land valued at US$72 million, and endowment costs cover the subsequent running management costs to be paid for with the carbon credit proceeds. US$54million total will be paid as to costs with the latter management costs capped at $15 million and Belize expects at US$5 per ton to make about US$65 million from sales.
Belize needs balance in terms of promotion of economic development and sustainable development and this offers an opportunity for supporting both.
Carbon credits are recognized by the Constitution but the work continues to fix the framework surrounding it.