• Verra has approved its first government-led provincial forest carbon program under the VCS Jurisdictional and Nested REDD+ Framework.
• The Misiones program covers about 3 million hectares of native Atlantic Forest in northeastern Argentina.
• The program generated about 13.1 million tCO₂e in verified emission reductions across its first six years, from 2017 to 2022.

Argentina Province Brings Forest Carbon Program To Market

Misiones, Argentina: Verra has certified its first government-led forest carbon program at provincial scale, giving Argentina’s Province of Misiones a new route into international climate finance.

The program is registered under Verra’s Verified Carbon Standard Program’s Jurisdictional and Nested REDD+ Framework. It covers about 3 million hectares of native Atlantic Forest in northeastern Argentina, one of the country’s most important forest regions.

Over its first six-year crediting period, from 2017 to 2022, the program generated about 13.1 million tCO₂e in verified emission reductions. The credits are now linked to a public policy effort that has placed forest protection at the center of provincial governance.

The approval places Misiones at the front of a growing shift in carbon markets. Governments are moving beyond project-by-project forest protection toward jurisdictional models. These programs measure and credit emissions reductions across an entire province, state, or region.

A New Pathway For Jurisdictional REDD+

The Misiones program operates under Scenario 2 of Verra’s JNR Framework. That pathway allows a government to generate credits for forest areas not covered by individual carbon projects.

It also requires projects within the jurisdiction to “nest” into the government program. They must use the approved baselines of the jurisdictional program. This is designed to improve accounting and reduce the risk of overlapping claims.

Misiones is the first program globally to achieve certification through this route.

That matters for governments and investors. Local forest carbon projects have faced growing scrutiny over baselines, additionality, leakage, and benefit sharing. Jurisdictional programs are designed to address some of those concerns by tying credits to wider public policy systems.

They also place governments in a stronger role. Provincial authorities can align forest conservation with land-use planning, enforcement, community benefits, and climate finance strategy.

“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.” Mandy Rambharos, CEO, Verra

RELATED ARTICLE: Verra Approves First Digitally Verified Carbon Credits

Public Policy Meets Carbon Finance

The certification reflects years of coordination across provincial institutions, technical teams, market actors, and an independent validation and verification body.

For Misiones, the approval is not only a carbon market development. It is also a test of whether long-running conservation policy can be linked to market incentives.

Adolfo Safran, minister of finance, treasury, public works and public services, Province of Misiones, said: “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.”

The benefit distribution mechanism will be central to how the program is judged. Carbon market buyers are placing greater attention on community outcomes, governance safeguards, and credible public oversight.

For investors, the Misiones approval offers access to forest carbon credits backed by a provincial program rather than a stand-alone local project. For policymakers, it gives a practical example of how carbon finance can support forest protection across a large jurisdiction.

Why It Matters For Global Carbon Markets

The approval could encourage more programs under the VCS JNR Framework in Argentina and across Latin America, Africa, and Asia.

Many forest-rich governments are seeking ways to convert conservation policy into climate finance. At the same time, buyers are under pressure to source higher-integrity credits. Jurisdictional REDD+ sits at that intersection.

The Misiones program offers a model for national and subnational governments that want to align climate targets, forest protection, and carbon market access. Its scale also makes it relevant for companies using credits within broader net-zero and nature strategies.

The program is now listed as registered on the Verra Registry.

For global carbon markets, the key test will be whether this model can be replicated while maintaining integrity. For forest governments, Misiones now provides a live example of how public policy, conservation, and finance can be built into one carbon program.

ESG News Editorial Team

The ESG News Editorial Team is comprised of veteran financial journalists and sustainability analysts dedicated to providing real-time, objective reporting on global ESG regulations, climate finance, and corporate governance. Our desk monitors daily developments from the SEC, IFRS, CSRD and international regulatory bodies to ensure our 1M+ readers receive accurate, data-driven insights into the evolving sustainable investment landscape. Follow the ESG News Editorial Team for expert reporting on global sustainability standards, ESG disclosures, and climate policy. Access over 10,000 investigative reports and real-time updates.