Madagascar receives $8.8 million in carbon credits to curb emissions

FILE PHOTO: Silja Yraola, an employee of Icelandic startup Carbfix, enters the dome with injection well at its facility in Olfus, Iceland, November 21, 2023. Icelandic startup Carbfix is the world's first CO2 mineral storage operator, permanently sequestering CO2 by mixing it with water and injecting into basalt rock. At its facility in Olfus, on the southwestern coast of Iceland, CO2 piped in from the nearby power plant is being mixed with water drawn up from the ground and injected into the basalt rock below. REUTERS/Marko Djurica/File Photo

Source: X01390

The World Bank has announced the disbursement of $8.8 million in carbon credits to Madagascar for curbing 1.76 million tonnes of carbon emissions in 2020.

This marks Madagascar as the third African nation to receive compensation from the World Bank for mitigating emissions related to deforestation and forest degradation, commonly referred to as REDD+, following Mozambique and Ghana, the World Bank reports.

This payment signifies the initial disbursement of three instalments under Madagascar's Emission Reductions Payment Agreement (ERPA) with the World Bank's Forest Carbon Partnership Facility (FCPF).

The World Bank’s Country Manager for Madagascar, Atou Seck said “We congratulate Madagascar for successfully completing all the necessary steps to receive the first ERPA payment, and we look forward to continued collaboration on climate action.”

“Forests on the eastern part of the island provide ecosystem services that are critical for climate mitigation and resilience, including biodiversity conservation, watershed protection, and drought and flood mitigation. This program is helping to protect the remaining forests that are inextricably linked to the well-being of many communities in that area and across the country,” he added.

The agreement aims to mobilize up to $50 million to diminish a total of 10 million tons of CO2e emissions by the conclusion of 2024, particularly focusing on the rainforest-rich eastern coast of the country.

Madagascar holds the status of being one of the eight crucial global biodiversity hotspots, recognized as a priority conservation area owing to the substantial presence of species facing the threat of extinction.

The reported emission reductions were officially documented by Madagascar's Bureau National de Changement Climatique et REDD+ (BNCCREDD+) and subsequently validated and verified through a meticulous and independent third-party assessment process.

“There are 15 REDD+ initiatives in Madagascar and a benefit-sharing plan is in place with local actors and communities to ensure they receive the majority of the benefits. This will allow the stakeholders to continue promoting community management of natural resources and restoration of degraded areas while stimulating conservation-friendly farming models,” said BNCCREDD+ Coordinator, Lovakanto Ravelomanana.

Etornam Kornu