ALERT – ENVIRONMENTAL
Provisions for the operation of the National Registry of Mitigation Measures are approved
On November 12, 2024, Supreme Decree No. 010-2024-MINAM was published, which regulates the operation of the National Registry of Mitigation Measures (“RENAMI”), finally regulating the carbon market. The approved provisions will come into effect on January 6, 2025.
Below are the main aspects of the approved provisions:
- The RENAMI is created within the framework of what is regulated in the Regulation of the Framework Law on Climate Change, approved by Supreme Decree No. 013-2019-MINAM, as a tool of the System for Monitoring Adaptation and Mitigation Measures N° 013-2019-MINAM, as a tool of the System for the Monitoring of Adaptation and Mitigation Measures, which allows to collect, record, monitor and manage information related to mitigation measures developed in the country to reduce Greenhouse Gas (GHG) emissions, and thus ensure compliance with the commitments made by Peru under the Paris Agreement, and monitor compliance with the Nationally Determined Contributions (“NDCs”) assumed.
- The implementation of this Registry seeks, among its main objectives, to avoid double counting of GHG emission reductions, i.e., to prevent Emission Reduction Units (“ERUs”) issued from being used more than once to demonstrate compliance with NDCs or other related mitigation purposes. ERUs are units that represent the reduction or removal of one ton of carbon dioxide equivalent generated as a result of the implementation of a duly certified carbon market mitigation measure.
- The RENAMI includes the following registries:
1. Registry of mitigation measures that make up the NDC: Includes measures in charge of the competent sectoral authorities, aimed at reducing emissions or increasing GHG removals with the purpose of complying with Peru’s NDC.
2. Registry of carbon market mitigation measures under cooperative approaches and their ERUs: Includes implemented measures aimed at generating ERUs to be used in the carbon market for compliance with another country’s NDC or other international mitigation purposes.
3. Registry of voluntary carbon market mitigation measures and their ERUs: Applicable for measures whose implementation does not fall under international agreements, and generate ERUs for use in the voluntary carbon market, to contribute to Peru’s GHG mitigation.
- The administrative procedures for the registration of mitigation measures in the voluntary carbon market and in the carbon market for cooperative approaches are regulated, as well as the registration of ERUs that have been generated. In the case of measures in the voluntary carbon market, it is important to mention that such registration is subject to positive administrative silence, unlike the others. In the case of the registration of ERUs, in both cases, it is also subject to positive administrative silence.
- Specific grounds for suspension and cancellation of the registration of carbon market mitigation measures are established, which prevents the registration and use of the ERUs generated.
- Criteria are approved for the recognition of certification standards and for the methodologies for the calculation of emission reductions or increase of GHG removals.
- It is established that the mitigation measures of the voluntary carbon market that are being implemented at the time of the entry into force of these provisions (i.e., January 6, 2025) and/or that have ERUs generated since 2021, may be registered in the RENAMI following the approved procedures.
For further information, please contact Francisco Tong (ftong@estudiorodrigo.com), Francisco Barrios (fbarrios@estudiorodrigo.com, Jenny Caldas (jcaldas@estudiorodrigo.com) and/or Úrsula Zavala (uzavala@estudiorodrigo.com).
