Ghana has become the second country in Africa after Mozambique to receive payments from a World Bank trust fund for reducing emissions from deforestation and forest degradation, commonly known as REDD.
The World Bank’s Forest Carbon Partnership Facility (FCPF) paid Ghana $4,862,280 for reducing 972,456 tons of carbon emissions for the first monitoring period under the program (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,” said Pierre Laporte, World Bank Country Director for Ghana, Liberia, and Sierra Leona. “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.”
Source: Boris Advisors