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Accra — Ghana has turn into the second nation in Africa after Mozambique to obtain funds from a World Financial institution belief fund for decreasing emissions from deforestation and forest degradation, generally often called REDD+. The World Financial institution’s Forest Carbon Partnership Facility (FCPF) paid Ghana $4,862,280 for decreasing 972,456 tons of carbon emissions for the first monitoring period below this system (June to December 2019).
“This fee is the primary of 4 below the nation’s Emission Reductions Payment Agreement (ERPA) with the World Financial institution to exhibit potential for leveraging outcomes based mostly funds for carbon credit,” mentioned Pierre Laporte, World Financial institution Nation Director for Ghana, Liberia, and Sierra Leone. “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.”
These actions are inside a six-million-hectare stretch of the West Africa Guinean Forest, the place biodiversity and forests are below stress from cocoa farming and unsustainable harvesting, and small-scale mining. Ghana is certainly one of 15 international locations which have signed ERPAs with the World Financial institution.
“The many years of dialogue, consultations, and negotiations with local communities, traditional authorities, government agencies, private sector, CSOs, and NGOs have paid off,” mentioned Samuel A. Jinapor, Minister for Lands and Pure Assets. “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.”
Ghana is the world’s second-largest cocoa producer. Cocoa drives the financial system, however it is usually one of many essential causes of deforestation and forest degradation within the southeast and western areas of the nation. Stakeholders are working to assist some 140,000 Ghanaian farmers improve cocoa manufacturing utilizing climate-smart agro-forestry approaches, fairly than slash and burn land-clearing methods that decimate forests. Extra sustainable cocoa farming helps keep away from growth of cocoa farms into forest lands and secures extra predictable earnings streams for communities.
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Ghana’s Cocoa Board is collaborating within the REDD+ course of, as are a number of the most vital cocoa and chocolate corporations on the earth, together with World Cocoa Basis members like Mondelēz Worldwide, Olam, Touton, and others. Their mixed actions should not solely serving to convey change to the cocoa sector, however they’re additionally serving to Ghana meet its nationwide emissions reductions commitments below the Paris Settlement. This degree of collaboration can be mirrored within the benefit sharing plan underpinning Ghana’s’ ERPA with the World Financial institution. Ready by intensive consultations with native stakeholders and civil society organizations all through the nation, the plan ensures all collaborating stakeholders are pretty acknowledged and rewarded for his or her function in decreasing emissions.
The Forest Carbon Partnership Facility (FCPF) is a world partnership of governments, companies, civil society, and Indigenous Peoples’ organizations targeted on decreasing emissions from deforestation and forest degradation, forest carbon inventory conservation, the sustainable administration of forests, and the enhancement of forest carbon shares in growing international locations, actions generally known as REDD+. Launched in 2008 the FCPF has labored with 47 developing countries throughout Africa, Asia, and Latin America and the Caribbean, together with 17 donors which have made contributions and commitments totaling $1.3 billion.
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