Ministerial Agreement MAATE-2023-053 - Technical Standard for Ecuador's Greenhouse Gas Emissions Compensation Scheme

Ministerial Agreement issued by Ecuador's Ministry of Environment, Water and Ecological Transition establishing the Technical Standard for the Greenhouse Gas (GHG) Emissions Compensation Scheme. It defines the guidelines, requirements and technical criteria for developing and using voluntary mitigation initiatives that generate emission reductions or increased GHG removals within Ecuador. The standard regulates compensation mechanisms, validation and verification of initiatives, registration and tracking of emission reductions or removals, carbon equivalent units, participation by domestic and foreign proponents, and procedures associated with carbon neutrality. It also addresses incentives and recognition mechanisms, institutional and financial arrangements, and environmental and social safeguards. The scheme applies to public, private, community-based or mixed initiatives and is not restricted to a specific productive sector.