The World Bank has provided $18 million in grant to Ethiopia to improve sustainable forest development and management in Oromia State.The World Bank’s BioCarbon Fund (Initiative for Sustainable Forest Landscapes), will support the government’s new Forested Landscape Program and reduce carbon emissions, said Carolyn Turk, World Bank Country Director, Ethiopia after signing the grant agreement on Friday.
“This program would be the first operation financed by the Bank to tackle greenhouse gas emissions from a landscape perspective across an entire jurisdiction” the director said
“The grant will support community-centered activities that reduce deforestation and land-use based emissions, as well as enhance forest carbon stocks in deforestation hotspots in selected sites in 49 districts of Oromia.” he added.
This preliminary work is expected to unlock a BioCarbon Fund commitment to purchase up to 10 million tonnes of carbon dioxide emission reductions expected to be achieved through this grant.
The purchase agreement would become effective in 2018, for the next 10 years, based on verifiable results in slowing state-wide deforestation.
“Communities are at the heart of the forest resources in the Oromia National Regional State and this grant will enable them to benefit from restoring and maintaining forests that are key to their lives,” said Admasu Nebebe, State Minister of Finance and Economic Cooperation, who signed the agreement on behalf of the Ethiopian government.