Costa Rican environmental bank joins Green Industry Platform

VIENNA – BanCO2, the world’s first CO2 bank focused on climate change mitigation and low-carbon development promotion, joined the UNIDO-UNEP Green Industry Platform today.

At an event organized by Costa Rica’s Permanent Mission in Vienna, diplomatic staff and United Nations representatives heard about the vision and work of BanCO2, which was launched earlier this year by Costa Rica’s Ministry of Environment and Energy. Ana Lucía Alfaro Murillo, Technical Adviser to the Minister of Environment and Energy, outlined BanCO2’s activities and its contribution to Costa Rica’s stated goal of becoming the first carbon-neutral country by 2021.

Not a traditional money trading or lending bank, BanCO2 provides commercialization and brokerage services for carbon dioxide credits, as well as the promotion, monitoring, reporting and verification of greenhouse gas (GHG)-mitigation and reduction projects. It is financed primarily by China, Japan and the Republic of Korea.

Addressing the question of whether BanC02 plans to spread its experience of low-carbon development to other developing countries, Alfaro Murillo said: “That is why we are making the commitment [to join the Green Industry Platform]. Costa Rica is honoured to share its experiences with other countries, also through South-South or triangular cooperation.”

Heinz Leuenberger, Director of UNIDO’s Environmental Management Branch, expressed his thanks to BanCO2 for joining the Green Industry Platform, adding: “BanCO2 is an example of a very good initiative, which also makes business sense. The bank’s participation in the Green Industry Platform corresponds well with the Platform’s overall goal, which is to share concrete and successful solutions and innovations.”

BanCO2 actively supports projects in the areas of mass transit and private transportation upgrading, dedicated eco-credit lines, non-conventional renewable energies, CO2-neutral industry, sustainable homes, and carbon offset trading, as well as forestry and agriculture. BanCO2’s approach is underwritten by extensive training and educational programmes to complement Costa Rica’s sustainable development programmes and raise awareness nationwide.

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