• The partnership helps secure financing for strengthening carbon markets.
• Amazonas has undertaken several measures to advance nature-based climate solutions within its jurisdiction.

Verra, a global leader in reducing greenhouse gas (GHG) emissions, has collaborated with the state of Amazonas in Brazil to strengthen its carbon markets.

The two parties signed a Memorandum of Understanding (MOU) on the sidelines of the COP29 event in Baku, Azerbaijan. They will work together to reduce GHG emissions and strengthen the carbon markets in Amazonas.

Verra will provide the state with the technical knowledge to build its capacity to manage carbon markets. Verra has chosen Amazonas because it is mostly covered by rainforests and has the potential to attract projects that reduce deforestation and save forests, in line with Verra's standards.

Read more: Verra and Citi Sign MOU to Advance Climate Market Solutions

The goal of this collaboration is to secure funding for efforts such as reducing emissions, supporting local communities, and protecting the environment. To this end, Verra will train Amazonas officials on sustainability and carbon markets, facilitate the exchange of information for better management and development of carbon markets, and implement strong rules to govern them.

Mandy Rambharos, Verra CEO, said: "We are honored that the state of Amazonas selected Verra as a partner in strengthening regional carbon markets. These markets hold the key to unlocking the climate finance needed to reduce emissions, save forests, retain biodiversity, and support local communities. We look forward to collaborating closely with the state of Amazonas, who has undertaken critical work in advancing nature-based climate solutions in its jurisdiction.”

Eduardo Taveira, who is Amazonas’ Secretary of State for the Environment and represents Governor Wilson Lima at COP29 in Baku, said: “Verra is the largest carbon credit certifier in the world. This partnership represents a significant advance in the sustainability trajectory of Amazonas, as it will provide all the necessary support for the State to be a generator of high integrity credits, following strict environmental criteria, with a guarantee of high environmental, social and low carbon economy impact that we seek.”

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Source: Verra