Wanted: A Sea-change in Climate Finance for Oceans
product, “blue carbon” being one of them. One particular mangrove conservation project in Cispatá Bay, Colombia, is often cited as a good example of what high quality means in this space, where communities as well as carbon are factored in. The project, on Colombia’s Caribbean coast, was the first to measure and monetize the carbon that mangroves sequester in their soil, using methodology developed by non-profit organization Verra. The forest is expected to sequester nearly 1 million metric tons of CO2 over its 30-year lifespan.It is also fully verified by Verra’s
Vontobel and Candriam back Belize's barrier reef 'superbond' buyback
despite five defaults in the last 15 years. The so-called 'superbond', which is not due to mature until 2034, is itself the product of previous restructurings.The World Wildlife Fund, which has worked with the country, estimates that more than 40% of the population lives and works along its Caribbean coast and depends on its ecosystems for their livelihoods.Services they provide – like support for commercial fisheries, tourism, and protection from erosion and storm surges – are worth up to $559 million per year. That is equivalent to more than two-fifths of Belize's GDP.The debt
Damen CSD350 dredger for 200 km Internal Waterway
, the Nicaraguan Port Authority, and INTUR, the Nicaraguan Tourist Agency, with the Damen Shipyards Group for the delivery of a CSD350 Cutter Suction Dredger. The dredger is to be operated by EPN on a project to create and maintain a 200 km inland channel running along a section of Nicaragua’s Caribbean coast. This is the first Damen CSD to be purchased by INTUR, and is designed for heavy-duty operations with a production capacity of 2000 mᶟ/h to a depth of nine metres. It will be operated by Empresa Portuaria Nacional (EPN), the national port authority, which already manages a number of Damen
Ecopetrol to Drill 3 Wells After Cutting Budget
Colombia's state-run oil producer Ecopetrol will drill three offshore wells this year, two off its Caribbean Coast and a third in the Gulf of Mexico, after slashing its offshore exploration budget to $200 million down from $632 million last year, the company said. The two Caribbean wells, Calasu and Kronos, will be operated by Texas-based Anadarko Petroleum Corp which has an equal sized stake in the projects with Ecopetrol. The U.S. well, Sea Eagle, will be drilled by partner Murphy Oil Corp. In 2014, Ecopetrol discovered hydrocarbons in three out of eight wells it drilled, five of which
February 2024
