Ivory Coast has received its first payment of $35 million under the Emissions Reductions Payment Agreement (ERPA). It is the fourth African country to benefit from this forest carbon offset mechanism.
After Mozambique, Ghana and Madagascar, it is now Ivory Coast’s turn to receive a payment based on the results of the Forest Carbon Partnership Facility (FCPF). The West African country will receive $35 million after successfully reducing emissions by 7 million tonnes of carbon dioxide (CO2) under the Emissions Reductions Payment Agreement (ERPA).
This success is to the credit of local communities who played a crucial role in reducing carbon emissions between 30 October 2020 and 31 December 2021. This was achieved through forest rehabilitation through replanting, agroforestry techniques and efforts to conserve existing forests. Designed to combat deforestation and degradation in five administrative regions of the cocoa belt, the ERPA programme targets areas under acute environmental stress.
Reducing 30 million tonnes of CO2
Covering some 4.69 million hectares, including the all-important Taï National Park, which is a United Nations Educational, Scientific and Cultural Organisation (UNESCO) biosphere reserve, ERPA aims to reduce emissions by 30 million tonnes of CO2 over a five-year period, with a focus on sustainable land management practices.
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According to the World Bank, which hosts the FCPF, this first payment of $35 million “is based on verified carbon emission reductions confirmed by an independent third-party process”. This amount is part of a first tranche targeting a total emission reduction of 10 million tonnes (10 million carbon credits) worth $50 million.
An active programme in 47 countries
For the record, the FCPF, which is providing this funding to Ivory Coast, is a global partnership of governments, businesses, civil society and indigenous peoples’ organisations, focused on reducing emissions from deforestation and forest degradation, conserving forest carbon stocks, sustainable forest management and enhancing forest carbon stocks in developing countries, activities commonly referred to as REDD+. These activities are currently being carried out in 47 countries, with a financial commitment of 1.7 billion dollars.
Jean Marie Takouleu
