World bank trust fund pays Ghana $4,862,280 for reducing 972,456 tons of carbon from deforestation and forest degradation.
Ghana becomes the second country in Africa after Mozambique to receive payments from the world bank trust fund for carbon emission from deforestation and forest degradation.
World Bank Country Director for Ghana, Liberia, and Sierra Leone, Pierre Laporte said this is the first payment of four under the country’s Emission Reductions Payment Agreement (ERPA) with the World bank.
Ghana is eligible to receive up to $50 million for 10 million tons of CO2 emissions reduced by the end of 2024.
Minister for Lands and Natural Resources, Samuel A. Jinapor said this is as a result of the many consultations, and negotiations they have undergone to eradicate carbon emission.
The emission reduction payment is to promote confidence in Ghana’s REDD+ process for action to reduce deforestation and forest degradation while empowering local community livelihoods.
Ghana is the world’s second-largest cocoa producer, despite its economic boosting it is the main causes of deforestation and forest degradation in the southeast and western regions of the country