Panama Forest Protocol for Offset Credits Development

The Climate Action Reserve is developing a Panama Forest Protocol for Offset Credits that will focus on the crediting of activities that sequester CO2e from the atmosphere through increasing carbon stocks in trees over time.

The Panama Forest Protocol for Offset Credits will provide project-level eligibility rules, baseline, social and environmental safeguards, methods to calculate net removals of CO2 from the atmosphere due to sequestration activities, procedures to address and compensate for the release of CO2 back to the atmosphere, and measurement, reporting, and verification (MRV) requirements.

Kickoff Webinar

The Reserve held a public webinar on February 2, 2023, to kick-off the Panama Forest Protocol development process.

Local Engagement

The Reserve is seeking interested stakeholders to participate in engagement opportunities to identify and incorporate applicable laws, norms, and conditions from Panama as well as specific improvements and changes to ensure the successful adaptation of the Mexico Forest Protocol to Panama. All stakeholders interested in the protocol process, please complete the following Local Engagement form below and submit it to [email protected] to help ensure that you receive the appropriate notifications for public engagement opportunities during protocol development:

Workgroup

The Forest Protocol is being developed through the Reserve’s multi-stakeholder workgroup process. The Reserve strives to create a well-balanced workgroup consisting of industry representatives, project developers, environmental NGOs, verification bodies, independent consultants, academia, and government bodies. Interested stakeholders are encouraged to apply by filling out the Statement of Interest (SOI) form below and submitting it to [email protected].

Workgroup member organizations will be listed below.

Stakeholders not chosen to be part of the workgroup are encouraged to participate in the process as “observers.” Observers may attend workgroup meetings in listen-only mode, submit written comments on the draft methodology when available for public comment, and attend the public webinar held during the public comment period.

Workgroup Meetings

February-May 2023

Development Timeline

The following timeline will be updated as the protocol development process unfolds.

Protocol kickoff webinar
Thursday, February 2, 2023
Workgroup SOIs due
Friday, February 10, 2023
Formation of workgroup February 2023
Reserve staff begins to draft the protocol Winter 2023
First workgroup meeting Winter 2023
Second workgroup meeting Winter 2023
Third workgroup meeting Winter 2023
Public comment period Summer 2023
Protocol presented to Reserve Board for approval Fall 2023

Funding

Funding support for the development of the Panama Forest Protocol is provided by Ministerio de Medio Ambiente de Panama (Miambiente) and the Latin American Development Bank (CAF).

Please contact the Reserve with questions or comments.