Paracel Forestry Project in Paraguay Verifies First Carbon Removal Credits Under Verra VM0047

Paracel, a large-scale carbon removals project in Paraguay backed by Trafigura, has verified its first batch of carbon removal credits under Verra's VM0047 methodology, totaling over 190,000 tonnes. With 87,000 hectares planted and a projected 23 million tonnes of removals over its lifetime, it is one of the largest ARR projects globally. The project also integrates ecosystem conservation and has created about 3,000 jobs while reinvesting 10% of carbon revenues into local initiatives. Paraguay is moving to operationalize Article 6 of the Paris Agreement, having signed agreements with Singapore and the UAE to facilitate international credit transfers. The verification positions Paracel to tap into compliance markets, with Trafigura's carbon desk supporting the project. The combination of scale, certification, and Article 6 readiness makes this a notable step for large-scale forestry-based removals in South America.