The challenge of addressing environmental, social and economic objectives through a local Payment for Environmental Services scheme in eastern Antioquia, Colombia

This paper will analyse the different stages of BanCO2 Plus scheme, a Payments for Environmental Services local initiative in the eastern Antioquia region of Colombia. To this end, the context of the national policy that emerged in 2017 will be taken as a starting point, in order to make a detailed exploration of the scheme, with the aim of determining the ways in which the environmental, social and economic objectives inherent of Latin American programmes are considered in its implementation, monitoring and evaluation. An attempt will be made to illustrate the contradictions involved in the economic and financial approach of the project financed by the transactions carried out in the Voluntary Carbon Market, and the promotion of activities that go beyond the reduction of Greenhouse Gas emissions, which are directly related to the social purposes aimed at the participants of BanCO2 Plus. At the end, recommendations will be proposed from a theoretical and practical point of view.