Ethiopian community efforts to reduce carbon emissions by tackling deforestations and land and forest degradation will be met with rewards after the country signed a landmark agreement with the World Bank’s BioCarbon Fund Initiative for Sustainable Forest Landscapes (ISFL)
The Emission Reductions Purchase Agreement (ERPA) will unlock up to US$40mn that will help communities, government, and stakeholders to reduce carbon emissions and increase carbon sequestration through forest preservation and other environment-friendly land uses.
“Signing this ERPA is a reason to celebrate,” commented Ato Kebede Yimam, director general for Ethiopian Forest Development. “It is the culmination of our careful planning, increased partnerships, and political commitment to managing our forests and agriculture sustainably as part of national efforts to combat climate change, build resilience, and ensure inclusive green growth.”
Roy Parizat, ISFL fund manager, added, “We are proud to sign our first ERPA with Ethiopia and reward the hard work of changing how land is managed to avoid deforestation. It is particularly gratifying to see local communities empowered to protect, manage, and decide on how to use the benefits accrued from protecting the forest and improving the environmental sustainability of other critical land-use sectors, most notably agriculture.”