Peru: Government launches the "National Registry of Mitigation Measures" digital platform during 2020 NYC Climate Week

In brief

On September 23, 2020, Peru's Ministry of Environment presented the digital platform "National Registry of Mitigation Measures" or Registro Nacional de Medidas de Mitigación - RENAMI during its participation in the 2020 NYC Climate Week. This is a milestone in Peru's climate action plan and its transition to carbon neutrality.

The RENAMI is the first virtual platform in Latin America created to monitor compliance with a country's Nationally Determined Contribution (NDC) under the Paris Agreement.


Key takeaways

  • RENAMI is one of the mechanisms created by Peru's Regulation of the Climate Change Law for the Measuring, Reporting, and Verification (MRV) of GHG emissions and emission reductions. Its purpose is to collect, register, monitor, and manage information on GHG emission reductions resulting from the implementation of the mitigation measures.
  • The platform, managed by the Ministry of Environment, will also include a registry for GHG emission reduction units commercialized in the market and publicly present the MRV data of the associated mitigation measures, in order to promote transparency and avoid double-counting.
  • The RENAMI aims to:
  1. facilitate the participation of Peru in international carbon markets under the Paris Agreements;
  2. promote investments in national mitigation measures;
  3. contribute to the MRV of the mitigation NDC of the country;
  4. standardize the content of the mitigation measures for each category and sector (i.e. energy, forest, solid wastes mitigation measures); and,
  5. guarantee transparency and a strong accounting system.
  • The Peruvian Government intends to ensure that all mitigation measures and initiatives, such as REDD+ and other Payment for Ecosystem Services (PES) schemes, are included in RENAMI.
  • The registration of a PES scheme in RENAMI will enable all transfers of GHG emission reductions to be recorded, which is an important step in preventing double counting. For this purpose, the Peruvian Government requires that project developers disclose the scheme under which GHG emission reductions are generated and traded (i.e. CORSIA, ITMO - Article 6 of the Paris Agreement).
  • RENAMI is also intended to attract climate finance and assist with securing investments, as it will provide investors the guarantee that the Peruvian Government has confirmed the validity of the mitigation initiative (i.e. REDD+ Projects).

The Peruvian Government will issue additional legal provisions that will provide further detail on the regulation and operation of the RENAMI digital platform and registry procedure.

* * * * *

For further information and to discuss what this development might mean for you, please get in touch with your usual Baker McKenzie contact.

© 2021 Baker & McKenzie. Ownership: This site (Site) is a proprietary resource owned exclusively by Baker McKenzie (meaning Baker & McKenzie International and its member firms, including Baker & McKenzie LLP). Use of this site does not of itself create a contractual relationship, nor any attorney/client relationship, between Baker McKenzie and any person. Non-reliance and exclusion: All information on this Site is of general comment and for informational purposes only and may not reflect the most current legal and regulatory developments. All summaries of the laws, regulation and practice are subject to change. The information on this Site is not offered as legal or any other advice on any particular matter, whether it be legal, procedural or otherwise. It is not intended to be a substitute for reference to (and compliance with) the detailed provisions of applicable laws, rules, regulations or forms. Legal advice should always be sought before taking any action or refraining from taking any action based on any information provided in this Site. Baker McKenzie, the editors and the contributing authors do not guarantee the accuracy of the contents and expressly disclaim any and all liability to any person in respect of the consequences of anything done or permitted to be done or omitted to be done wholly or partly in reliance upon the whole or any part of the contents of this Site. Attorney Advertising: This Site may qualify as “Attorney Advertising” requiring notice in some jurisdictions. To the extent that this Site may qualify as Attorney Advertising, PRIOR RESULTS DO NOT GUARANTEE A SIMILAR OUTCOME. All rights reserved. The content of the this Site is protected under international copyright conventions. Reproduction of the content of this Site without express written authorization is strictly prohibited.