After more than a decade of working toward qualifying for payments under the REDD+ (Reducing Emissions caused by Deforestation and Forest Degradation) scheme, Indonesia received its first results-based financial rewards last year.
REDD+, a policy initiative recognized under the U.N. Paris Agreement in 2015, was created as a way to provide incentives to conserve tropical forests and curb planet-warming greenhouse gases that are emitted when they are cut down.
Initially, it was conceived as a market-based means for industrialized countries to pay forest-rich countries for their emissions reductions and contributions to meeting overall global climate targets through financial credits.
Indonesia applied to receive REDD+ results-based payments (RBP) based on data illustrating its efforts to curb emissions under terms detailed in an Indonesia-Norway bilateral partnership and the GCF.
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Costa Rica and World Bank sign US$60 million agreement to boost emission reductions through forest conservation
Costa Rica has signed an innovative agreement with the World Bank’s Forest Carbon Partnership Facility (FCPF) that will reward local communities and other stakeholders for their efforts in reducing carbon emissions from deforestation and forest degradation (known as REDD+). Under the Emission Reductions Payment Agreement (ERPA), the FCPF commits up to US$60 million to purchase verified reductions of 12 million tons of CO2 emissions achieved until 2025 through Costa Rica’s emission reductions program.
“Costa Rica has a decades-long tradition of protecting the environment with green jobs, built upon successful forestry and biodiversity laws, policies, and programs. Our conservation efforts have preserved our ecosystems while providing livelihoods for our citizens,” said Andrea Meza, Costa Rica’s Minister of Environment and Energy. “This agreem