Verra has approved its first-ever government-led forest carbon program at a provincial scale in the Province of Misiones in Argentina. The program, registered under the Verified Carbon Standard (VCS) Program’s Jurisdictional and Nested REDD+ (JNR) Framework, marks a significant milestone for carbon markets and governments seeking to align forest conservation with access to international climate finance.
Unlike carbon projects that operate at a local scale, jurisdictional REDD+ programs credit verified emission reductions across an entire jurisdiction. The program in Misiones operates under Scenario 2 of Verra’s JNR Framework, which allows a government to generate credits for forest areas not covered by any individual project. Under this scenario, projects must nest within the program using its approved baselines to ensure the accurate accounting of emission reductions. Misiones is the first program globally to achieve certification using this pathway.
The program is led by the Government of the Province of Misiones and covers approximately 3 million hectares of native Atlantic Forest in northeastern Argentina. Over the first six years (2017–2022), the program generated approximately 13.1 million tCO₂e in verified emission reductions.
The certification reflects years of coordination across multiple provincial institutions, technical teams, market actors, and its independent validation/verification body (VVB). It demonstrates that subnational governments can develop and implement programs capable of participating in international carbon markets while advancing broader public policy and forest protection objectives.
“This program shows what’s possible when governments lead on climate. Misiones built the institutions, the policies, and the partnerships needed to protect its forests and bring the results of that work to market. This is what success looks like when public policy and carbon markets work together.”
said Mandy Rambharos, CEO, Verra.
“We celebrate having reached such an important milestone in conservation. The Province of Misiones has always made the protection of the rainforest a state policy. Our benefit distribution mechanism will allow us to return to the community the effort made over decades. We invite qualified investors interested in high-quality credits to come forward and support us in this initiative. We thank Verra for its ongoing collaboration and willingness to work with us.”
said Adolfo Safran, Minister of Finance, Public Works and Services of the Misiones Government.
“We congratulate the Province of Misiones on this landmark achievement. This approval of the first JNR Scenario 2 program reflects years of visionary leadership, strong interministerial collaboration, and the development of a robust framework with high environmental and social safeguards. As one of the world’s most important biodiversity hotspots, Misiones is demonstrating how jurisdictions can protect critical ecosystems while creating sustainable economic opportunities for local communities. We hope this milestone inspires other jurisdictions to follow its example.”
said Andres Huby, Head of Environmental Products LATAM, Mercuria.
The approval is expected to encourage the development of additional programs under the VCS JNR Framework across Argentina and in countries throughout Latin America, Africa, and Asia that are exploring jurisdictional-scale approaches to climate finance and forest protection. The program offers a replicable model for other national and subnational governments seeking to align climate policy objectives, forest conservation priorities, and access to international carbon markets.
The program is now listed as registered on the Verra Registry.