CubaPLUS Magazine

Cuba is making progress today in its preparation to participate in carbon markets through cooperative approaches, as defined in Article 6 of the Paris Agreement, the United Nations Development Program (UNDP) reported.

This is aligned with the climate change mitigation objectives declared in the Nationally Determined Contribution (NDC), recently presented by the country. The actions were presented during a capacity-building workshop for accessing these markets, coordinated by the Ministry of Science, Technology and Environment and the UNDP.

Various institutions and organizations in the country also participated in the event, such as the Ministry of Energy and Mines, the Electric Union, Cubaenergía, and the Institute of Hydraulic Resources. According to experts, carbon markets are trading modalities that provide financial incentives for climate change mitigation. This is done through countries' contributions to reducing or eliminating greenhouse gas emissions, which are quantified in carbon credits that can be bought and sold, with the goal of helping economies transition to net-zero emissions by mid-century.

A carbon credit is associated with the reduction or elimination of one ton of carbon dioxide equivalent from the atmosphere and is earmarked for actions that guarantees a return in environmental benefits, such as biodiversity protection and the energy transition.

World Bank data shows there are currently 36 regulated carbon markets in force or in the implementation phase worldwide, covering more than 17 percent of global greenhouse gas (GHG) emissions, representing an opportunity for nations committed to sustainability.

Cuba currently meets the requirements to participate in the carbon market, after updating its NDC in February 2025, which represents each country's voluntary commitment to reduce its GHG emissions and adapt to climate change.

Under the Climate Promise initiative and through its network of country offices, UNDP provides strategic and comprehensive support to developing country governments in preparing their Nationally Determined Contributions, including advice on generating high-integrity carbon credits and linking them with high-quality buyers.

For UNDP, high-integrity carbon markets go beyond carbon accounting and include social and environmental safeguards to ensure that carbon market initiatives do no harm and promote positive effects on sustainable development in general.

(From Prensa Latina)