You also heard the CEO make the point that Belize and the other countries with a lot of forest cover should be paid. That's because their forests and marine area are acting as natural carbon sinks, which is mitigating the climate change problem somewhat.
About a year ago, public discussions started taking place on how Belize could harness what is known as carbon credits. Experts tell us that with the proper framework, Belize could be paid for every ton of carbon dioxide removed from the atmosphere. So, we asked about the legislative framework that would be needed to put this principle into practice for the country:
Dr. Osmond Martinez - CEO, Ministry of Economic Development
"I had been very vocal on the media when I had the opportunity to speak about the carbon credits, actually, and the legislation of carbon credits, you know, which we need to formalize the trade of carbon credits in Belize. Red Plus has completed a program under the global -Well, that program was financed by the Global Environmental Funds and is completed now. And they have identified anywhere from 100 million to 500 million U.S. dollars on the carbon credits that Belize can make of carbon credits. So, now one of the limited resources that we have, not only in Belize but worldwide, is specialists that will be there to help us to formalize that legislation. So through the United Nations environmental program, UNEP, we will be getting some assistance to formalize that legislation. However, the Ministry of Sustainable Development has been working with other law firms, and they already have a draft of the legislation on carbon credits. So, we are serious in terms of where we are moving, in terms of that legislation. And the main objective is that Belizeans should enjoy that benefit."
