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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.

Author

Ilona Millar is a partner in the Environmental Markets team at Baker McKenzie's Sydney office. Ilona is an environmental and projects lawyer with a diverse range of experience in domestic and international climate change, carbon markets, environmental law and policy, and a strong background in all aspects of water management, planning and projects. She joined the Firm in 2008 from the Foundation for International Environmental Law and Development, and International Institute for Environment and Development, in London. Ilona regularly writes, teaches and presents on environmental topics — she has lectured on environmental law, environmental markets and international climate change law at UNSW, Sydney University and University College London and for the past six years has co-coordinated the international climate change law course at ANU where she is a visiting fellow at the College of Law. Ilona's extensive pro bono work includes advising a number of developing country governments and non-government organizations on international climate change negotiations, and advising the Wentworth Group of Concerned Scientists on water and natural resource management law. She is listed among the best lawyers for Climate Change by Best Lawyers Australia 2016.

Author

Alexandra Carranza is an associate in Estudio Echecopar. She has been recently recognized by Legal 500 as an ‘associate to watch.’ Alexandra forms part of multidisciplinary teams for the financing and implementation of projects related to conservation schemes, and energy, mining, industry, agriculture and infrastructure businesses.

Author

Valentin Paniagua represents clients in mining and corporate transactions. He has extensive experience in project finance, acquisitions and sales of companies and assets. He advices clients on the different commercial, regulatory, corporate and litigation aspects related to the development of mining activities and natural resources. Recognized for his mining experience, Valentin has been ranked in several leading publications including Chambers Global, Chambers Latin America, IFRL 1000, Legal 500 and Latin Lawyer. He has also been recognized in Who’s Who of Mining Lawyers, for 10 consecutive years.