Ghana receives $4.8m from World Bank for reducing carbon emissions in forest landscapes
Ghana has received an amount of $4,862,280 for reducing 972,456 tons of carbon emissions. The payment from a World Bank trust fund for reducing emissions from deforestation and forest degradation, commonly known as REDD+, makes Ghana the second country in Africa after Mozambique to receive the payment.
In a press release from the Bank copied to Ghana Business News, the Bank says the payment is for the first monitoring period under the programme, from June to December 2019.
“This payment is the first of four under the country’s Emission Reductions Payment Agreement (ERPA) with the World Bank to demonstrate potential for leveraging results based payments for carbon credits,” Pierre Laporte, World Bank Country Director for Ghana, Liberia, and Sierra Leone, was quoted as saying.
“Subject to showing results from actions taken to reduce deforestation, Ghana is eligible to receive up to $50 million for 10 million tons of CO2 emissions reduced by the end of 2024,” he added.
The Forest Carbon Partnership Facility (FCPF) is a global partnership of governments, businesses, civil society, and Indigenous Peoples’ organizations focused on reducing emissions from deforestation and forest degradation, forest carbon stock conservation, the sustainable management of forests, and the enhancement of forest carbon stocks in developing countries, activities commonly referred to as REDD+. Launched in 2008 the FCPF has worked with 47 developing countries across Africa, Asia, and Latin America and the Caribbean, along with 17 donors that have made contributions and commitments totalling $1.3 billion.
In his remarks, Samuel A. Jinapor, Ghana Minister for Lands and Natural Resources said, “The many years of dialogue, consultations, and negotiations with local communities, traditional authorities, government agencies, private sector, CSOs, and NGOs have paid off.
“This emission reductions payment will further promote confidence in Ghana’s REDD+ process for action to reduce deforestation and forest degradation while empowering local community livelihoods. The road to global 1.5 degrees cannot be achieved without healthy standing forests, and Ghana is committed to making it possible,” he said.
Ghana is the world’s second-largest cocoa producer. Cocoa drives the economy, but it is also one of the main causes of deforestation and forest degradation in the southeast and western regions of the country. Stakeholders are working to help some 140,000 Ghanaian farmers increase cocoa production using climate-smart agro-forestry approaches, rather than slash and burn land-clearing techniques that decimate forests. More sustainable cocoa farming helps avoid expansion of cocoa farms into forest lands and secures more predictable income streams for communities.
The Bank indicates that Ghana’s Cocoa Board is participating in the REDD+ process, as are some of the most important cocoa and chocolate companies in the world, including World Cocoa Foundation members like Mondelēz International, Olam, Touton, and others.
“Their combined actions are not only helping bring change to the cocoa sector, but they are also helping Ghana meet its national emissions reductions commitments under the Paris Agreement. This level of collaboration is also reflected in the benefit sharing plan underpinning Ghana’s’ ERPA with the World Bank. Prepared through extensive consultations with local stakeholders and civil society organizations throughout the country, the plan ensures all participating stakeholders are fairly recognized and rewarded for their role in reducing emissions,” the release added.
By Emmanuel K Dogbevi
Copyright ©2023 by NewsBridge Africa
All rights reserved. This article or any portion thereof may not be reproduced or used in any manner whatsoever without the express written permission of the publisher except for the use of brief quotations in reviews.