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. The project has issued over 190,000 credits from 87,000 hectares of planted area, with a lifetime forecast of 23 million tonnes of removals. It also includes ecosystem conservation across 40% of the project zone, and holds FSC certification for its forestry operations. The project has created around 3,000 jobs and trained 5,000 people in forestry practices. Paracel reinvests 10% of carbon revenues into local environmental and social initiatives. The company is also building Paraguay's first pulp mill to support vertical integration in the forestry industry. Paraguay is positioning itself in the international compliance carbon market, with agreements under Article 6 with Singapore and an MoU with the UAE. These arrangements could allow Paracel's credits to be exported to compliance buyers. The verification marks one of the first instances of credits issued under VM0047, a methodology for afforestation, reforestation, and revegetation projects.
