Forest carbon deal in Costa Rica is a first for LEAF Coalition, but demand is slow

News September 15, 2026 / By: Ann Danaiya Usher

The LEAF Coalition, launched by Norway, the United Kingdom, and the United States and a group of blue-chip companies in 2021, aimed to rapidly raise billions of dollars in tropical forest financing. For five years, there were no transactions. Now, Costa Rica has crossed the finish line, but demand is slow. Less than half the credit volume has so far been sold to PricewaterhouseCoopers and Bayer. The rest is being bought by a guarantee mechanism financed by Norwegian aid.

Emergent Costa Rica deal signing Dec 4 2023 cropped.jpeg — Eron Bloomgarden (left), Executive Director of Emergent, and then Franz Tattenbach, Costa Rican Minister of Environment and Energy, signing the emission reduction purchase agreement for future carbon credits at COP28 in Dubai, December 4, 2023 (Photo: Costa Rican Ministry of Environment and Energy)

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