The Way Fund Transfer
Code Blue Project Initiatives
The monitoring system for this project will be different from other non-profit organizations. Here's how it works:
Initial Funding: Half of the donation will be granted in the initial stage after planting the trees.
Secured Savings: The second stage donation will be saved under Sri Lankan government T-Bills, T-Bonds, or, upon farmers' request, under a government-registered bank fixed deposit scheme. The deposit will be a joint account under the farmer's name and the Code Blue Project, ensuring that neither party can access the funds prematurely.
Conditional Release: Once the deposit matures, participants can access the full grant. However, the farmer must demonstrate that they have maintained the project according to Code Blue guidelines. Upon successful demonstration, Code Blue will provide a standing order to release the funds.
Benefits:
Fund Security and Growth: The allocated funds are secured and grow as the project progresses. This prevents the common issue of non-profit organizations vanishing after collecting money or stopping projects due to lack of funds.
Increased Security and Motivation: The security of the funds in T-Bills and T-Bonds provides extra income for the economy and motivates farmers to manage their farms according to Code Blue's needs.
High Success Rate: The final grants are only released once the project is complete, ensuring a high success rate and preventing incomplete projects.
Ensuring Transparency and Integrity
This methodology aims to establish transparency and integrity in the Code Blue Project, preventing issues like "incomplete project" and Money laundering.
In farmers prospective view: If farmers does not fulfil the project requirements, they must restart or lost the deposit from the project, ensuring 100% output from green belt project.
Measures to Prevent Exploitation and Abuse:
non of a project
Strengthen Regulation and Oversight: Regularly review and enhance regulations and oversight mechanisms to prevent loopholes and dubious practices.
Improve Transparency and Reporting Requirements: Mandate comprehensive disclosure and reporting requirements for farmers, including project details, methodologies used, third-party verifications, and regular social media updates.
Enhance Due Diligence and Vetting Processes: Require rigorous due diligence and vetting of projects, suppliers, and registries to screen for potential fraud, double-counting, overestimation of reductions, and involvement of corrupt actors.
Implement Robust Accounting and Auditing Frameworks: Establish clear accounting standards and independent auditing frameworks to ensure accurate quantification and verification of project reductions and carbon credits.
Promote High-Quality, Verified Carbon Credit Projects: Incentivize investment in high-quality, rigorously verified carbon credit projects through certification schemes, tax incentives, or preferential treatment in compliance markets.
Enhance Public Scrutiny and Civil Society Engagement: Encourage greater public scrutiny, media attention, and engagement with civil society organizations to expose fraudulent activities and hold entities accountable for their carbon credit claims and practices.
Prioritize Direct Emissions Reductions: Emphasize the importance of direct emissions reductions by farmers as the primary strategy for decarbonization while supporting carbon credits as a supplementary measure.
Implementing these measures will help address current vulnerabilities in the carbon credit system and prevent farmers from exploiting loopholes, ensuring meaningful climate action and successful project outcomes.