Peru launches NDC 3.0 with Article 6, carbon market tools at forefront

Peru plans to use at least 9 million mtCO2e of ITMOs to help meet the 2035 cap of 179 million mtCO2e and support mitigation efforts, thereby creating opportunities for bilateral trades, including the Singapore agreement.

On Nov. 6, 2025, Peru introduced its Nationally Determined Contributions, tightening domestic mitigation targets and positioning carbon markets and Article 6 transactions as key mechanisms to mobilize finance, according to the document.

The updated pledge establishes a 2035 cap of 179 million metric tonnes of carbon dioxide (mtCO2e) and reaffirms Peru's net-zero target for 2050, supported by 66 sectoral mitigation measures with a focus on REDD+.

REDD+ -- Reducing Emissions from Deforestation and Forest Degradation -- is a climate change mitigation strategy that includes conservation, sustainable forest management and enhancement of forest carbon stocks, according to the UN Framework Convention on Climate Change.

Peru strengthens emission measurement tools

Through its NDC, the Government of Peru intends to use at least 9 million ITMOs. An ITMO (Internationally Transferred Mitigation Outcome) is a quantified emission reduction or removal that a Party to the Paris Agreement authorizes for transfer to another Party, allowing the recipient to count it toward its NDC or other international mitigation goals. To facilitate carbon trading, the Government is making use of two tools, Carbon Footprint Peru and the National Registry of Mitigation Measures.

Carbon Footprint Peru (Huella de Carbono Perú, in Spanish) is the government's official platform for public and private organizations to measure, record and manage greenhouse gas (GHG) emissions, offering progressive recognition levels: measurement, verification, reduction and neutralization.

RENAMI is Peru's national tool for registering, monitoring, and managing the country's mitigation measures, including emission reductions and increased removals of greenhouse gases (GHGs).

The bilateral implementation agreement with Singapore, effective Oct. 18, may open early pathways for ITMO trades and selected REDD+ deals; however, market participants caution that gaps remain.

Platts includes REDD+ carbon credits in its Nature-based Avoidance Current Year Price assessments for Southeast Asia and South America.

On Nov. 6, Platts assessed the Nature-based Avoidance Current Year South America price at $6.80/mtCO2e, unchanged for the day. A Peru-based developer noted that price ranges depend on project quality and co-benefits, citing VCS-CCB Tambopata REDD+ 1067 (2020 vintage) from Peru as trading around $12-$13/mtCO2e.

Platts is part of S&P Global Commodity Insights.