This project aims to strengthen Peru’s institutional, technical, and operational readiness to participate effectively in international carbon markets under Article 6 of the Paris Agreement, closing gaps in the country’s implementation framework, sectoral technical capacities, and pipeline of eligible mitigation activities.

By working closely with the Ministry of Environment (MINAM), the project will support the government in consolidating carbon markets as a credible pathway to advance Peru’s climate ambition.

The project seeks to position Peru as a credible seller in international carbon markets under Article 6 of the Paris Agreement, helping the government build the governance, technical criteria, and project pipeline needed to authorize high-quality mitigation activities.

To achieve this goal, key strategies are being implemented:

1. Capacity building and awareness raising

Government decision-makers and private sector developers receive targeted training on Article 6 requirements, closing the technical gaps that currently limit their participation in carbon markets.

2. Governance and institutional strengthening

Development of an Article 6 Strategy that consolidates existing guidance, formalizes authorization criteria, and closes regulatory gaps still present in the National Registry for Mitigation Measures (RENAMI).

3. Mitigation activity origination

Preparation and submission of 2 Mitigation Activity Idea Notes (MAINs) to the CTF for matchmaking with potential international buyers.

The country has identified carbon markets as a key tool to raise its climate ambition, through international cooperation under the Paris Agreement’s Article 6. In its updated NDC, the country reaffirms its willingness to participate in voluntary cooperative approaches under Article 6 and estimates a minimum use of 9 million tCO₂eq as internationally transferred mitigation outcomes (ITMOs), with the aim of promoting greater ambition in its mitigation and adaptation measures, as well as sustainable development and environmental integrity at the national level.

Peru has already taken important steps, like creating the National Registry for Mitigation Measures (RENAMI) and signing cooperation agreements with Switzerland and Singapore. These advances, however, have also highlighted remaining gaps, particularly the absence of an overarching strategic vision to prioritize actions, sequence implementation, and guide the allocation of preparation resources toward the key institutional and technical gaps that need to be addressed.

A national Article 6 strategy would help bring these efforts together under a coherent framework, providing a basis for prioritization and more effective management of resources needed to operationalize Peru’s participation in international carbon markets.

In parallel, Peru needs to develop a pipeline of high-quality mitigation activities that are sufficiently mature to advance through the Article 6 cooperation process and attract potential international partners.