Ministerial Decree No. 37296-MINAE creating the Voluntary Carbon Market
The decree sets up guidelines for the generation, issuance and exchange of carbon credits, also known as Costa Rican Compensation Units (UCC). The UCCs are associated with projects developed within the country that address sustainable management of forests, energy efficiency, technological innovation directed at emission reduction, and other themes.
To ensure management of the carbon market, including trade, compensation, and certification activities, the decree formalises the creation of the Carbon Board. Co-ordinated by the Climate Change Direction of the Ministry of Environment and Energy, the Board includes representatives from the public and private sector.
