Ethiopia after a project's successful achievement of reducing deforestation and polluting gases in Bale and West Oromia, gained over 149 million birr from carbon trading sold through REDD+.
In a platform organized to promote carbon trading, Oromia Forest and Wild Animals Development Enterprise Director, Ararsa Regassa told ENA that comprehensive work is being undertaken to ensure the public benefit from natural resources.
He added that the project Reducing Emissions from Deforestation and forest Degradation, plus the sustainable management of forests, and the conservation and enhancement of forest carbon stocks (REDD+) has made significant impact in natural resource development and conservation.
According to him, by avoiding the emission of 5.5 metric tons of carbon, 149 million birr was gained from carbon trading.
Some 60 percent of the money gained from carbon trading will be used for the enterprises sustainable forest development and conservation while the remaining will be apportioned among 36 natural resource cooperatives.
It is to be recalled that the World Bank (WB) paid 34,000 dollars for the purchase of carbon credit from the Humbo Community Based Forest Management Project, marking the first ever incident of carbon trade in Ethiopia.
Ethiopia looks to carbon trading as it gears up to be net carbon neutral by 2025.