Sources and Sinks
A number of significant sources and sinks of greenhouse gases are currently not covered by existing financial instruments, such as the UNFCCC flexibility mechanisms and funds, GEF and the Multilateral Fund to the Montreal Protocol. These missing sources and sinks include ozone depleting substances, peatlands, biochar and black carbon.
By way of example, peatlands are one of the planet’s major carbon reservoirs. The largest concentrations of peatlands are in South-East Asia, Canada, Alaska, Northern Europe and Western Siberia (including permafrost peatlands), and parts of the Amazon basin. Once peatlands are disrupted by human activities, an increasingly common occurrence, the carbon which they store is released into the atmosphere. Current multilateral agreements addressing carbon finance do not have provisions to support peatland restoration and/or conservation projects.
The Ministry of Climate Change and Natural Disasters and UNDP MDG Carbon have issued the Nationally Appropriate Mitigation Action (NAMA) on Rural Electrification in Vanuatu.
The overall target of the NAMA is to support Vanuatu in achieving the goal defined in the National Energy Road Map (NERM), namely to provide access to electricity to all households in Vanuatu. The NAMA will reduce GHG emissions through the replacement of fossil fuels with renewable energies. The NAMA will also contribute to Sustainable Development (SD) benefits, such as improvement of the situation of groups with specific vulnerabilities, women and the poor.