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The Nested Approach initially put forward by CATIE and the German Emissions Trading Association BVEK aims to combine the respective advantages of project- and national-level accounting and crediting mechanisms. The approach supports national-level GHG accounting, but allows the crediting of the GHG reductions achieved by individual projects to be credited. Project level emission reductions are to be calculated conservatively and any credits issued for projects deducted from any national level credits. Any project claiming credits has to be supported by the respective REDD country, which may decide to claim a share of the project credits for a leakage and permanence buffer. Projects may also be authorized in countries that do not yet qualify for national accounting systems. After its initial release the Nested Approach has since been supported by a number of organisations and Latin American countries (including Chile, Peru, and Panama on behalf of Costa Rica, el Salvador, Honduras, Nicaragua and Panama). (The Little REDD Book, 2008)
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