On November 14, 2023 the National Ministry of Environment and Sustainable Development published Resolution 385/2023 that approved the “National Strategy for the Use of Carbon Markets” (“ENUMeC” for its Spanish acronym, Estrategia Nacional para el Uso de los Mercados de Carbono).

ENUMeC aims to promote the implementation of carbon markets as one of the carbon pricing mechanisms to contribute to the adaptation and mitigation of climate change in the national territory.

As of today, Argentina does not have a national legal framework to implement the use of carbon markets. In line with this, the ENUMeC establishes 9 key points and 63 actions necessary for the implementation of carbon markets and establishing a framework that encourages and promotes the development of these markets.

The ENUMeC reaches subnational, national and international carbon markets, new and existing carbon markets, as well as regulated and voluntary carbon markets and covers all sectors and greenhouse gases of the National Inventory.

The implementation of ENUMeC is based on the following key points, from which the specific actions are derived:

  1. Climate financing;
  2. Participation in regulated carbon markets under Article 6 of the Paris Agreement;
  3. Promote participation of the private sector in voluntary markets;
  4. Generate Non-Commercial Approaches under the scheme of Article 6.8 of the Paris Agreement;
  5. Assist subnational governments in the implementation of market schemes for their climate change mitigation plans;
  6. Contribute to strengthen and finance climate change;
  7. Develop national and sub-national abilities for the implementation of carbon markets;
  8. Promote environmental integrity in the implementation of carbon markets; and
  9. Guarantee national and regional interests within international negotiations.

ENUMeC is considered a road map for the effective and coordinated implementation of carbon markets in Argentina. Its implementation will require consensus and agreements among national, provincial, public and private actors.

 

For additional information, please contact Nicolás Eliaschev, Daiana Perrone, Rocío Valdez and/or Victoria Barrueco.