Ethiopia has signed a landmark agreement with the World Bank’s BioCarbon Fund Initiative for Sustainable Forest Landscapes (ISFL) that rewards community efforts to reduce carbon emissions by tackling deforestation and land and forest degradation. The Emission Reductions Purchase Agreement (ERPA) unlocks up to $40 million that will help communities, government and stakeholders to reduce carbon emissions and increase carbon sequestration through forest preservation and other environment-friendly land uses. Ghana receives $4.8M payment for reduced carbon emissionsThe Oromia Forested Landscape Program (OFLP) seeks to reduce greenhouse gas (GHG) emissions by improving forest and livestock management throughout the Oromia region. A comprehensive benefit-sharing plan is prepared to ensure stakeholders are fairly recognised and rewarded for their effort in reducing emissions. “We are proud to sign our first ERPA with Ethiopia and reward the hard work of changing how land is managed to avoid deforestation,” said Roy Parizat, ISFL Fund Manager.

Source: Ethiopian News February 20, 2023 22:38 UTC