Republic of the Congo to Receive $8M in Carbon Credits
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The payment follows an agreement with the World Bank to reduce deforestation, forest degradation, and boost carbon sequestration.
The Republic of the Congo will receive approximately $8 million in carbon offsets for its achievements in forest conservation and carbon emission reduction. This represents the country's first payment from the World Bank's Forest Carbon Partnership Facility – a global partnership to reduce emissions from deforestation while promoting forest carbon stock conservation.
The funds will be allocated to designated beneficiaries based on the Benefit Sharing Plan, which was developed through comprehensive consultations with stakeholders at both national and local levels. This plan ensures that community members, including indigenous populations and local partners who depend on forests for their livelihoods, are fairly recognized and rewarded for their contributions to reducing emissions.
The milestone follows an agreement signed in 2021 with the World Bank's Forest Carbon Partnership Facility, unlocking up to $41.8 million for reducing emissions from deforestation, forest degradation and enhancing carbon sequestration. This emission reduction payment agreement aims to reward efforts to cut 8.4 million tons of carbon emissions by 2025.