PARAMARIBO, Suriname, CMC – Suriname is seeking to become the first country in the world to issue Internationally Transferred Mitigation Outcomes (ITMOs), a new mechanism within the Paris Climate Agreement, similar to carbon credits. The government is seeking assistance from Deutsche Bank, a German-based bank.
A delegation from the Frankfurt-based multinational investment bank and financial services company held talks on Tuesday with President Jennifer Greelings-Simons to explore possibilities for cooperation.
President Jennifer Simons in talks with the Deutsche Bank delegation (CDS Photo).
According to the Communications Service Suriname (CDS), the government’s information and communication service responsible for disseminating information to the public, the meeting was also attended by the Minister of Oil, Gas, and Environment, Patrick Brunings.
It said that the bank delegation is in the Dutch-speaking Caribbean Community (CARICOM) country to assess the country’s preconditions and potential in this area.
“While the delegation conducts its investigation, we are examining how we can better protect our forests, what mechanisms we already have in place, and, above all, how any proceeds can be spent responsibly,” said Brunings.
He said that ITMOs, although related to carbon credits, are a new international instrument under the Paris Agreement.
“The value of one ITMO is around US$25, and Suriname has an estimated 4.5 million ITMOs to trade,” Brunings said, adding that the revenues must be used for environmental projects. “Suriname must therefore not only protect its forests but also make clear how the resources are being used,” Brunings said.
The meeting proposed the establishment of a technical team comprising representatives from various ministries and experts, under the supervision of an oversight committee that includes the Head of State.
CDS said that the team will investigate the feasibility of ITMO projects and oversee the process, and Brunings said it could be installed “as soon as possible.
“We want to proceed carefully, but it looks promising. The world of carbon credits is developing rapidly, and Suriname now has a serious potential partner who is considering our options..
“If we approach this project properly, we’ll start with US$25 per ITMO, but in the long run, the sky’s the limit,” Brunings said, adding “that depends on how seriously we, as Surinamese, take protecting our environment”.
“We don’t want to rush anything, but the outlook is positive. The world of carbon credits is constantly evolving, including in terms of regulations. With Deutsche Bank, we now have a serious partner who is investigating the feasibility. If it turns out we’re ready for the next step, this could be the start of something promising,” he said.
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