Page 86 - Çevre Şehir ve İklim Dergisi İngilizce - Özel Sayı

The Establishment of New Carbon Sink Areas in Non-Forest Lands and
Carbon Farming in the Process of Climate Change Adaptation

7. Notification to Türkiye Karbon A.Ş: The certified carbon credits must be
tradable at the exchange through an entity such as Türkiye Karbon A.Ş.
Carbon credits can be issued as negotiable instruments and traded as
investment instruments in the capital market.
In this way, CF projects and carbon trading both contribute to environmental
sustainability and create economic value.

5. Establishment of the Registration System

Carbon certification refers to the process of officially recording plant carbon in
metric tonnes. Although a separate regulation or directive is required to establish
this system, it should be preferred to do so at the regulation level in order to
provide a legal basis. Inclusion of a provision on this issue to the climate change
law will provide a legal basis for the registration system (Kılıç, Hernandez, 2019).
It is essential that the registration system to be established be structured
based on the following principles (These principles have been suggested
within the scope of the project):
• Records must be kept by using a separate sheet for each project.
• Registration must be performed upon issuance of carbon allowance.
• The registration system must be transparent based on the principle of
openness.
• Registration must be carried out depending on the reason.
• The principle of trust in the registration and registry system must apply.
• The state must be objectively responsible for maintaining the registry
system.

5.1. Commercialization of Registered Areas

In order for the registered areas to be tradable, they must be notified to
the relevant institution. In this process, a public joint stock company could
be established for carbon trading and exchange operations. Necessary
arrangements must be made for the company to be traded at the exchange
and for portfolio issuance.
Following commencement of implementation on the lands subject to
carbon sequestration, it is obligatory to register the land in the registry system
and to certify and record the carbon in the registry system. Subsequently, it
must be ensured that the plant carbon registered in the registry system is
converted into a negotiable instrument and traded at the exchange preferably
as a commodity security (Ülgen and Güneş 2016). The authorised institution
can be Türkiye Karbon A.Ş. for carbon trading or TÜİK (Turkish Statistical
Institute) to manage the registry system.

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Special Issue / 2024