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.


Contents

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.

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


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